The downgrade to Neutral suggests that Piper Sandler believes Cerevel Therapeutics may not provide significant upside potential relative to its current price, indicating a more conservative short-term outlook. However, the increase in the price target to $45 implies that the analyst sees some positive aspects in the company's fundamentals or growth prospects. This mixed signal could lead to a neutral short-term impact on the stock price as investors digest both the downgrade and the raised price target.