Perrigo downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Perrigo (PRGO) to Neutral from Overweight with a price target of $20, down from $32, post the Q3 report. The firm sees increased uncertainty for the business in the near term and over the next 12 months. The recovery in Perrigo’s infant formula business is slower than expected amid competitive pressure and its over-the-counter market trends are uncertain, the analyst tells investors in a research note. JPMorgan prefers to revisit shares when it gets more clarity on these dynamics.