Although we still think that biotech will continue to outperform the broader markets and the Health Care SPDR ETF , we are getting more selective with our price targets and ratings considering fewer near term catalysts with the power to drive material upward revisions , coupled with the fact that our ultra-bullish thesis on midcaps has been rewarding, but to some extent has played out. Hence we now struggle to find near term conviction ideas, though we remain confident in the big bull case on a number of names if you look 12-24mos out.