Impax target price cut by Smith Barney

Impax Laboratories Inc. was maintained by Smith Barney Citigroup analyst Andrew Swanson at a hold rating and the price target on the stock was reduced to $15 per share from $18 following the company's guidance for late-filed 2004 and first-half 2005 results. Smith Barney also reduced its EPS estimate for 2005 to 50 cents from $1.18 and its 2006 EPS forecast to 99 cents from $1.28. Impax shares Wednesday dropped $1.45, or 8.95%, to close at $14.76 on volume of 4,603,557 shares versus the three-month running average of 601,255 shares.

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