Baird analyst Eric Coldwell downgraded Diplomat Pharmacy to Underperform from Neutral, stating that he believes consensus estimates are too high and with risks mounting the shares should trade at much lower levels. He also sees little premium in takeout multiples despite the company making reasonable moves given its current portfolio and market trends.In the PBM segment, management seems to be backing off prior pipeline/bookings commentary and recognizes that new wins will be lower margin and old contracts will reset to lower rates upon renewals, Coldwell added. The analyst lowered his price target to $10 from $22 on Diplomat Pharmacy shares.