The Globe and Mail reports in its Friday, June 2, edition that Stifel analyst Justin Keywood has upgraded Cipher Pharmaceuticals to "speculative buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Keywood's share target soared to $4.75 from 95 cents. Analysts on average target the shares at $9.50. Mr. Keywood says in a note: "We highlight Cipher as a specialty pharma company that could rerate further, upon successful deployment of a building cash balance and new access to credit. The company has a dermatology product (Epurus) and royalty stream tied to generic assets, Absorica and Lipofen. The generic tail has been much longer than expected, while Cipher has reduced costs and paid off debt, leading to a $33.4-million (U.S.) cash balance. We see the generic tail as continuing to contribute good EBITDA and cash flow in 2023 and a new $35-million (U.S.) credit facility, provides $68-million (U.S.) in liquidity. Cipher also has near $200-million (Canadian) in tax losses available to use against future earnings. With the current capital-constrained market and a relatively new CFO, we see Cipher as being in an advantageous position to buy good assets at low multiples."