Deutsche Bank analyst Gregg Gilbert lowered his price target for Mallinckrodt (MNK) shares to $45 citing the recent negative ruling on Inomax. The analyst now assumes a "modest" generic impact to Inomax beginning in 2019. Gilbert believes his new target could prove overly conservative if Mallinckrodt wins on appeal, holds on to more share versus Praxair (PX), or can significantly reduce operating expenses. He admits, though, that "more pessimistic scenarios are also possible, in theory." Gilbert keeps a Buy rating on Mallinckrodt while pointing out the shares "could be stuck in a rut for a period" on the court ruling and lack of near-term catalysts.