Hold Rating for Jazz Pharmaceuticals Amid Balanced Risk-Reward and Competitive ChallengesZiihera GEA success uplifts financial profile, but priced in at current valuation We downgrade JAZZ to a Neutral rating, but increase our PT to $188 (from $163) . After a highly successful Ph3 Gastro esophageal adenocarcinoma (GEA) study update, the stock is up 25% as a reaction. At current valuation, we see JAZZ is fairly valued with balanced risk/ reward. Positive GEA study significantly uplifts the financial profile of the company; we now model '26-'29E Revenue/ EPS CAGR of 8%/8% (vs prior 5%/3%) vs cons 7%/10% . While there is likely to be continued positive sentiment on the story due to recent Oncology wins, we believe this is currently priced in to the stock valuation . With no significant upcoming catalysts, we see limited upside/downside.