Deutsche Bank Maintains Buy Rating, $20 PT On MAPP

Deutsche Bank is maintaining its PT and rating on MAP Pharmaceuticals, Inc. MAPP. “Based upon a significant unmet need among migraine sufferers and positive clinical results to date, we continue to believe that Levadex is a compelling opportunity that could potentially generate peak WW sales of $400M+, if approved,” Deutsche Bank writes. “Given a still reasonable valuation, we continue to rate MAP shares Buy. “Our 12-month PT remains $20, based on 25x our 2014 (“breakout” earnings year) EPS estimate of $1.18, discounted 2 years at 20%. Key risks to our PT are primarily related to the regulatory pathway for Levadex and successful execution of commercialization.” MAP Pharmaceuticals closed Monday at $15.38.