Advanced Drainage price target lowered to $110 from $120 at Morgan Stanley

Morgan Stanley analyst Joshua Pokrzywinski lowered the firm’s price target on Advanced Drainage to $110 from $120 and keeps an Overweight rating on the shares following what the firm identifies as the company’s "second miss and guidance cut in a row." However, the demand bear case has "essentially played out" and the key focus now is a valuation that "has derated considerably" and margins, which the firm believes should remain resilient.