Cambrex downgraded to Outperform from Strong Buy at First Analysis

First Analysis analyst Steven Schwartz downgraded Cambrex to Outperform from Strong Buy while raising his price target for the shares to $55 from $45. The company’s valuation multiple is now in-line with peers following the recent share price appreciation, Schwartz tells investors in a research note. He sees less near-term upside given the expected decline in Cambrex’s Gilead business through 2020 and his view that “financially significant” revenue synergies from the recent acquisitions will be realized over a mid- to longer-term time horizon.

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