Guggenheim analyst Seamus Fernandez reiterated his Buy rating on Allergan (AGN) shares after Rapastinel's Phase 3 failure, stating that he believes the stock's current price already assumes major challenges and he thinks a major restructuring or sale of the business would be viable options to unlock that value. While Allergan's Botox and aesthetics business is not without risks, such as Revance's (RVNC) long-acting neurotoxin and Evolus' (ELOS) Jeuveau, his analysis suggests Botox and aesthetics are worth $46B-$49B, Fernandez tells investors. As a result of lower pipeline estimates and his base case sum of the parts-based valuation of $170 per share, Fernandez lowered his price target on Allergan shares to $190 from $219.