Rein Therapeutics: Buy Rating Driven by Innovative IPF Treatment and Strong Growth PotentialValuation and Risks. Our $10 price target is based on a discounted cash flow (DCF) model that applies a 16.9% weighted average cost of capital (WACC), a 7.0x exit multiple to 2036 estimates, and a 2.3% terminal growth rate. Our peak sales projections for LTI-03 assume a 30% probability of success, reflecting the early stage of development, historical setbacks in idiopathic pulmonary fibrosis (IPF), and the company’s current limited cash runway, which will need to be extended to complete the ongoing Phase 2 trial.