Jefferies raises Albany Molecular to hold

Albany Molecular Research Inc. was upgraded to hold from an underperform rating and an increased price target of $11.50 by Jefferies & Co., Inc. analyst David Windley. The current stock price reflects a better grasp of Allegra's profit contribution since the preliminary injunction decision. Jefferies lowered its sales estimates to $37.4 million from $38.6 million and maintained its earnings-per-share estimate of 5 cents. Consensus stands at 6 cents on $37.6 million. Shares of the Albany, N.Y., pharmaceutical company were up 64 cents, or 5.93%, at $11.43 on volume of 277,237 shares versus the three-month running average of 149,415 shares. (Nasdaq: AMRI)

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