Goldman Sachs analyst Terence Flynn upgraded Regeneron Pharmaceuticals to Buy from Neutral and added the shares to his firm's Americas Conviction List. The analyst sees 25% upside after boosting his price target for the shares to $472 from $415. Regeneron's pipeline is a "call option" and its competitive risks are generally priced in at current share levels, Flynn tells investors in a research note. The analyst says results from Goldman's recent wet age-related macular degeneration/diabetic macular edema survey support his longer-term Eylea market share loss assumptions and provides comfort that the competitive risk is generally priced in. Further, he sees upside to Dupixent consensus estimates in 2019.