Mizuho analyst Irina Koffler upgraded Dermira to Buy from Neutral while lowering her price target for the shares to $14 from $17. The analyst expects Almirall to exercise its European rights to lebrikizumab and she sees potential upside from other strategic alternatives. She attributes the 40% share selloff since April to financing uncertainty and the "lackluster" performance of Qbrexza. However, she views Dermira's risk/reward as favorable into Almirall's decision. The stock trades in-line with Koffler's $9 bear-case scenario, which assumes that Almirall opts out of the deal.