Urgent: 7 day case study for P72

I have a case study -- was just given a ticker and told to go long or short. 2 questions:

  1. Is it standard practice to build 3 cases, or can I just run with my base case assumptions?
  2. If going short, would I build the model the same way as I would for a long? Where my base case is my assumption, and the upside case is a premium to my assumption, etc? Or would I inverse that? Assume the former, but want to double check.

Thanks!

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