JPMorgan analyst Chris Schott sees an "increasingly compelling setup" for shares of Allergan following the 14% pullback since before the Q2 earnings report. Several controversies, most notably the timing of generic Restasis competition, have taken focus away from a "highly attractive" core franchise, Schott tells investors in a research note. The analyst believes the financial risk of generic Restasis competition is "manageable and fairly well quantified." He sees pipeline optionality and a "strong" sum-of-the-parts valuation argument at current share levels. Allergan represents one of the analyst's top picks. Schott has an Overweight rating on the shares with a $300 price target.