Raymond James analyst Elliot Wilbur downgraded Teligent to Market Perform from Outperform following the announcement of a strategic review of assets that are non-core to the company's long-term strategy. In a research note to investors, Wilbur says he expects viable alternatives are likely to involve revenue and/or pipeline shrinkage with funds re-deployed toward reducing debt burden or enhancing investment in the company's injectable strategy. While the injectables strategy could ultimately afford revenue generation potential multiples above that of the existing generics base, Wilbur contends that realization of these scenarios could be years off and the likely need to lighten baggage around the core topicals business increases uncertainty.