RBC Capital Markets has initiated coverage of Ultragenyx Pharmaceutical (NASDAQ: RARE) with an outperform rating and a $77 price target, suggesting 82% upside potential from current levels. The analyst sees a favorable risk/reward profile, citing an undemanding valuation and a clear path to profitability if any of the late-stage pipeline drugs are successful. Ultragenyx’s base business continues to grow at a steady pace, providing downside protection.