Morgan Stanley cuts ‘longer-term execution story’ Embecta to Underweight

As previously reported, Morgan Stanley analyst Cecilia Furlong downgraded Embecta to Underweight from Equal Weight with a $28 price target. She views Embecta as an established, scaled and highly profitable global diabetes player, but also views it as as a longer-term execution story, Furlong tells investors. The T2D patch pump is the greatest driver of potential upside to the business, but commercial contributions aren’t anticipated until at least FY25, at which point she expects "an increasingly competitive market," Furlong said.