AZNCF - Emergent BioSolutions: Deep Value Play With 33% Upside & Military Exposure

• Emergent BioSolutions has key niche differentiators that strengthen the operating model, with exposure to defence & public health threats.
• They hold the only FDA approved anthrax vaccine in their portfolio, and ~60% of total revenues are backed by US Government contract agreements.
• The stock has bounced formed solid support this year, in an ascending channel that has corrected since August, with volatility to the downside.
• We see a 33% value gap skewed to the upside with fair multiples and value relative to peers.
• We hold a bullish outlook for the company, and set a $122 price target over the coming 12 months, with Q3 financials an upcoming catalyst.

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