Why did D. Boral Capital downgrade CRMD to Hold on June 30, 2025, despite a $20.06 average price target?

D. Boral Capital downgraded CorMedix Inc. (CRMD) from a "Buy" to a "Hold" rating on June 30, 2025. This downgrade occurred despite an average one-year price target of $20.06 for CRMD, which was in place around that time.1 The price target itself ranged from a low of $17.17 to a high of $23.10 as of August 6, 2025.2

While the downgrade event and the prevailing price target are confirmed, the specific reasons articulated by D. Boral Capital for this change in rating are not immediately available in the provided search results. Analyst downgrades often stem from a re-evaluation of a company's growth prospects, competitive landscape, financial performance, regulatory developments, or overall market conditions, even if a higher price target suggests potential upside from the current trading price. A "Hold" rating typically indicates that an analyst expects the stock to perform in line with the broader market over the next 12 to 18 months, suggesting investors may want to maintain their current position but not add to it.2