Argus analyst Mike Jaffe initiated Emergent BioSolutions with a Buy rating and a price target of $62, saying the company is on track to generate "solid earnings growth" in the coming years from the demand of its BioThrax vaccine - the only FDA-approved vaccine for anthrax - from the U.S. military. The analyst also cites added benefits from the company's recently acquired products, its pipeline, and its "strong cost controls". Jaffee further states that the valuation for Emergent BioSolutions at 21.1-times his 2018 EPS estimate is attractive relative to the 26.3-times peer average, adding that the discount is too great based on the company's projected earnings growth rate.