Stifel raised the firm’s price target on Revolution Medicines (RVMD) to $170 from $85 and keeps a Buy rating on the shares. In an M&A scenario, the firm’s target values Revolution at about $36B and at a deal valuation “well within” the historic biotech M&A range, the analyst tells investors. In addition to the scarcity value of pan-RAS inhibitors, the firm believes the pipeline has a lot of value that is not recognized in five-year forward estimates, which it argues could give Revolution “substantial leverage in M&A negotiations,” but also drive meaningful near-term upside should the company remain independent.
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