Jefferies cuts Albany Molecular target

Jefferies & Co., Inc. analyst David Windley maintained Albany Molecular Research Inc. at hold, with a lowered price target of $10.50. The company's contract business is generating revenue growth, but profits still depend on the Allegra royalty, according to the analyst. Albany reported second-quarter adjusted earnings per share of $0.06 on $45.6 million in revenue, compared to Jefferies' estimates of $0.04 on $41.8 million. Shares of the Albany, N.Y.-based biotechnology company were up 18 cents, or 1.95%, at $9.39, on volume of 113,995 shares versus the three-month running average of 147,934 shares. (Nasdaq: AMRI)

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