SVB Leerink analyst Joseph Schwartz raised his price target for Reata Pharmaceuticals to $180 from $139, while reiterating an Outperform rating on the shares. The analyst believes Bardoxolone methyl remains a key growth driver for Reata with Phase.3 CARDINAL data expected near-term. Additional analysis since his CARDINAL preview suggests that a positive CARDINAL outcome has the potential to lift the stock by 25%-50% and that a valuation of $4B-$7B is reasonable post-data. Lastly, although Phase 3 CARDINAL data are expected after American Society of Nephrology Kidney Week, emerging evidence continues to dispel concerns of hyperfiltration, he contends.