Warning blurs visibility, depresses stock price. But long-term initiatives are proceeding. Laura Richardson, Pacific Crest Securities. Jonathan Geurkink, Ragen MacKenzie. Business pipeline is robust.
Shares remain significantly undervalued.
Stock is a reasonably priced core holding that lacks a near-term catalyst. Expanded labeling for its prime lung-infection drug will take at least a few years to approve. The Seattle company's bid to become the No. 2 private U.S. timber owner is exciting. The stock is undervalued long-term. Lesa Sroufe, Ragen MacKenzie.