In the absence of "transformational change," Allergan is not well positioned for value recovery "anytime soon," Piper Jaffray analyst David Amsellem tells investors in a research note. And senior management, at a recent investor conference, made it clear that it is not looking at transformational change, says Amsellem. He believes Allergan's commercial portfolio is facing "myriad headwinds" and continues to have concerns surrounding the extent to which the pipeline will contribute to its sales over time. The analyst does not believe Allergan shares represent an attractive risk/reward profile at current levels. He reiterates a Neutral rating on the name with a $164 price target.