Read the analyst's comments fully. The target will change as events warrant. That means he thinks the shares are worth $39 without any further development like application for AA or new developments on any of the drug candidates (including eteplirsen). This is a conservative valuation stated to be subject to change. Holding long and strong.
Why not buy the stock then sell the May $39 calls. You can get almost $6 for them. If its 39 by May expiration you make around $10.50 per share. That would be roughly 30% gain and protect to 29. Does 30% gains not impress you either?
If you mean the analyst doesn't understand the technology, I have to disagree. Reni Benjamin has been following the company while at Rodman/Renshaw for more than a decade. In fact there were times when he/they were about the only ones on conference calls and having a rating. This went well back into the Burger days.
His price targets always seemed modest in the past as well; however AVII rarely, if ever even met them. Hopefully SRPT will blast through one at last. IMO, we'll soon be much higher or much lower than this target--depending upon how near-term events unfold.