Citi analyst Joel Beatty initiated coverage of DBV Technologies (DBVT) with a Buy rating and $14 price target. The analyst sees a 60% probability of approval for DBV's lead agent Viaskin Peanut, a once-daily patch for peanut-allergic children. The shares have $9 upside if approved and downside to under $1 if not approved, Beatty tells investors in a research note. The analyst believes Viaskin Peanut's treatment effect has been validated by the statistically significant benefits reported from the Phase 3 primary and secondary endpoints. Further, recent publications suggest that the magnitude of benefit observed in the majority of subjects treated by Viaskin Peanut is clinically meaningful, adds the analyst. Beatty expects Viaskin Peanut to achieve a "slight majority" market share over Aimmune's (AIMT) oral competitor Palforzia and peanut sales reaching $900M-plus if approved.