Share price targets and sentiment bias in the sell-side community aside, the question I have is how much lower would the driver's be in a PE model? The numbers in the Glaucus report aren't correct - the value of the biological assets could very well be fairly represented - just difficult to convert to cash quickly at this stage.
What you're implying (the surfswitch example as well) could very well be right. This is why I wouldn't say buy - I'd just say if you are already in, wait - but don't wait too long.
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