Piper Sandler analyst David Westenberg upgraded Adaptive Biotechnologies to Overweight from Neutral with a price target of $14, up from $7.50. If the company can grow minimal residual disease revenue at 50% as is expected in 2023, the stock would deserve a 10-times revenue multiple on its MRD business, Westenberg tells investors in a research note. In addition, the analyst thinks estimates and the stock have upside from near term immune medicine partnership milestone and other collaboration revenue. The long term “dream-the-dream” of an annual immune system scan “represents a free call option,” writes Westenberg. He likes Adaptive’s valuation following a “rough” 2022 and the potential near term uptake of minimal residual disease.