Wells Fargo analyst David Maris says he confirmed this morning with Praxair (PX) that the device associated with generic Inomax has been approved. Praxair would not provide any additional details around the launch timing or pricing plans, Maris tells investors in a research note. The analyst lowered his price target for Mallinckrodt (MNK) shares to $24 from $30 after reducing his estimates to account for the generic taking approximately 20% share over the next several years. He models Mallinckrodt's Inomax going from a 5% grower to a slight decline. Maris admits, however, that there are "strong reasons" to think Inomax has a more defensible position than losing 20% share, such as a loyal installed base and a high service level. Nonetheless, he believes uncertainty around the generic device approval warrant a reduced outlook. The analyst keeps a Market Perform rating on Mallinckrodt. The stock in morning trading is down 5c to $25.83.