As previously reported, BofA/Merrill downgraded Impax to Underperform from Neutral and lowered its price target to $19 from $29. Analyst Sumant Kulkarni believes Impax could be at risk of achieving its 2016 earnings outlook of $1.57-$1.70 given a lot needs to go right to execute against its outlook including significant growth in generics and recently acquired products from Teva/Allergan. He believes investors could "shoot first, ask later" when it reports on Wednesday given sentiment in the Specialty Pharma environment and a strong 2016 outlook is crucial.