The Globe and Mail reports in its Thursday, Feb. 15, edition that Stifel analyst Justin Keywood has elevated his recommendation for Cipher Pharmaceuticals to "buy" from "speculative buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Keywood's share target soared to $8 from $4.75. Analysts on average target the shares at $10.28. Mr. Keywood says in a note: "We have become more comfortable with the steady base business and see greater potential for capital deployment in 24', including from an M&A pipeline that has doubled in size. Markets also remain capital constrained for the size of transactions that Cipher is targeting, implying a window of opportunity for favorable multiples and M&A. At six times NTM [next 12-month] EBITDA and strong balance sheet, we see the downside as limited but with greater potential upside." The Globe reported on June 2 that Mr. Keywood had upgraded Cipher Pharmaceuticals to "speculative buy" from "hold." The shares could then be had for $3.91.