Albany Molecular (AMRI) 10:05 AM EDT September 6, 2005 Jefferies & Co downgrades Hold to UNDERPERFORM . Target $10. Jefferies downgrades AMRI following this morning's announcement that Barr Labs (BRL) and Teva (TEVA) are launching (at risk) generic Allegra tablets. Firm notes that while the court case related to BRL's Paragraph IV challenge is still in discovery, the decision to launch the generic in the United States will destroy the U.S. portion of sales. In turn, they believe the reduction in U.S. sales, as distributors ramp up generic inventory and bleed off the brand -- over the next several months, should significantly dampen the Allegra royalty to AMRI.