As previously reported, Raymond James upgraded Viking Therapeutics (VKTX) to Strong Buy from Outperform with a $43 price target. Following AASLD, Analyst Steven Seedhouse thinks TR-B remains one of the most promising mechanisms with proof-of-concept in NASH based on VK2809 and MGL-3196 data presented and conversations with physicians. The analyst expects increased comfort with Viking's path to market as we approach several catalysts including a long-term animal toxicology study completion, IND filing/acceptance, and Phase 2b start. Seedhouse also expects the M&A premium in Madrigal Pharmaceuticals (MDGL) to shift to Viking, which has a more attractive valuation if there is a rush on NASH assets.