Goldman analyst Stephan Stewart lowered Horizon Pharma 2016-2020 EBITDA estimates 4%-7% largely due to increase in investments across its primary care and orphan franchises following the guidance update. Stewart said the investments fit with Horizon's ongoing transition toward higher growth orphan sales against a more sustainable primary care base. He also sees potential synergy upside from the pending Raptor deal as a source of some 2017 offset. The analyst lowered Horizon's price target to $26 from $27 but said risk/reward is attractive and reiterates his Buy rating.