United Therapeutics' (UTHR) pursuit of the idiopathic pulmonary fibrosis market is "the more important debate" as the IPF peak opportunity could be about twice the size of the current revenue base, UBS said in a note Monday.

The brokerage said it expects the company to file for Tyvaso in IPF by the end of summer and believes investors looking for a "dip" in the company's valuation on the impact to base business "could be disappointed."

For Q2, UBS expects $823 million in revenue, above the $813 million consensus estimate.

It maintained the company's buy rating and $750 price target.

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