JPMorgan analyst Chris Schott views Allergan CEO Brent Saunders' comments yesterday on evaluating all options to create value as a "clear positive." The company is focusing on core business execution with a set of near-term pipeline opportunities while also examining other potential value-unlocking options for the business, Schott tells investors in a research note. The analyst says he has long argued that Allergan's core business is "significantly undervalued" and that any shift toward greater Botox/aesthetics exposure would result in a company that trades at a "distinctly higher multiple" than the current business. As such, he believes selling or spinning off assets could unlock value. Schott keeps an Overweight rating on Allergan with a $265 price target.