Cantor Fitzgerald analyst Brandon Folkes reiterates an Overweight rating on Emergent BioSolutions with a $75 price target following the company's investor day. The company provided its corporate growth strategy for 2020-2024, with the goal of reaching $2B-plus in revenue by 2024 and an adjusted EBITDA margin of 27%-30%. Emergent continues to lead the biodefense field and has been able to significantly diversify its business since it set its last five-year plan in 2016, Folkes tells investors in a research note. Further, he believes Emergent's base business "is a lot more durable than it gets credit for." The analyst expects upward earnings revisions and multiple expansion to drive the stock higher.