Wells Fargo analyst David Maris thinks investors may be mistaken by focusing on the number of doses of BioThrax that the U.S. government contracted to buy from Emergent BioSolutions, saying that the 29.4M doses might be front end loaded and that a second contract may kick in at some time in the next few years. Maris also notes the difference in the regimen for NuThrax means that the second contract announcement is actually equivalent to 75M doses of BioThrax. Maris, who adds that he thinks higher margins and a preferred position are two key benefits of these new deals, keeps an Outperform rating and $42-$44 price target range on Emergent shares.