Jefferies analyst Michael Yee says he left investor meetings more positive on 2020 setup for shares of Intercept Pharmaceuticals. Consensus is already negative on the obeticholic acid launch, expectations are low, and sales could do better than expected next year given the low numbers, Yee tells investors in a research note. He believes the risk/reward is skewed to the upside with shares "just above floor value" of primary biliary cirrhosis at $40 to $50. The value of nonalcoholic steatohepatitis is "heavily discounted" despite a large market opportunity and obeticholic acid being the likely first and only treatment "for the foreseeable future," adds Yee. He keeps a Buy rating on Intercept with a $125 price target.