Wells Fargo analyst David Maris noted that Perrigo reduced its 2016 outlook again after its Q2 earnings miss, adding that he is surprised by the magnitude of the guidance cut since when he last met with Perrigo management in May they said they felt they took a conservative approach to the remainder of the year. Perrigo's Q2 results show that "things are not on the mend" and that caution is warranted, said Maris, who has a Market Perform rating and $98-$104 price target range on the stock. Perrigo shares are down about 13% in pre-market trading to $82.66.