UPDATE: J.P. Morgan Initiates Coverage On Albany Molecular Research, Inc. As Increasingly Relevant Competitor

In a report published Tuesday, J.P. Morgan analyst Tycho W. Peterson initiated coverage on

with an Overweight rating and $25.00 price target. In the report, J.P. Morgan noted, “We are initiating coverage on Albany Molecular Research (AMRI) with an Overweight rating and December 2015 PT of $25. AMRI is an increasingly relevant competitor in discovery and development outsourcing, having complemented its legacy business via organic investments and M&A, with integrated contract manufacturing and active pharmaceutical ingredient (API) development and manufacturing capabilities. We believe this strategy under new management (including former Teva Pharmaceutical North America CEO, Bill Marth) has positioned AMRI to gain share within its combined $42B end markets.” Albany Molecular Research closed on Monday at $20.14.