JPMorgan analyst Chris Schott upgraded Amneal Pharmaceuticals to Neutral from Underweight with an unchanged price target of $9. The company has reported several quarters of solid results and has made clear progress on reshaping its business over the past few years, the analyst tells investors in a research note. The firm says Amneal’s generic business is now more levered towards complex products and biosimilars. It sees this trend continuing with several additional biosimilar and complex generic launches expected over the next few years. JPMorgan cites the company’s “strong execution” for the upgrade.
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