Amphastar price target lowered to $66 from $71 at Piper Sandler

Piper Sandler lowered the firm’s price target on Amphastar to $66 from $71 and keeps an Overweight rating on the shares following quarterly results. With a base business that is positioned for longer-term stability at a minimum, coupled with contribution from higher-margin Baqsimi and higher-value complex generics, Amphastar is poised for considerable longer-term EBITDA growth, translating into an attractive risk/reward profile at an EV/2024 EBITDA of about 8.5-times, Piper adds.