JPMorgan analyst Cory Kasimov assumed coverage of Alexion Pharmaceuticals with an Overweight rating and $172 price target. The rating is unchanged and the target is lowered from $179 relative to his firm's prior coverage. The analyst says early switch metrics on Soliris/Ultomiris conversion gives him confidence that Alexion's greater than 70% guidance by mid 2020 is achievable and potentially conservative. This may also have favorable read-through for Ultomiris in other indications that could contribute meaningfully to better than expected durable growth over the intermediate term, Kasimov tells investors in a research note.