Morgan Stanley downgraded Grifols to Equal Weight from Overweight with a EUR 14 price target. The analyst says the stock’s valuation gap is closed following the recent outperformance. In addition, competitive pressures are building in Grifols’ alpha-1 antitrypsin portfolio, the analyst tells investors in a research note. The “easy part” of the company’s re-rating is now reflected in the stock while pipeline delays are starting to materialize, says the firm.
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