Goldman Sachs is adding Wyeth (NYSE:WYE) to their Conviction Buy list on the significant gap between the current share price and break-up value of $50.

Wyeth’s strength in biologicals and vaccines and the lack of extreme patent exposure make it one of the most attractive fundamental stories in Pharma. These assets are underappreciated due to the overhang of WYE’s core Pharma business. Recent biotech price-tags reflect the industry’s willingness to pay a premium for these assets. Management has recently signaled a commitment to its growth assets, de-emphasizing primary care research. Firm's 12-month price target is $46, yielding 39% potential upside.

Notablecalls: These things tend to move.