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Fly News Breaks for May 7, 2019
CBM
May 7, 2019 | 07:04 EDT
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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