MorphoSys price target lowered by $1.50 at JPMorgan, here’s why

JPMorgan analyst James Gordon lowered the firm’s price target on MorphoSys to $8.50 from $10 and keeps an Overweight rating on the shares. In 2024, the analyst expects the European pharma and biotech sector to continue to outperform the wider market, but only because the firm expects the quality names to carry the sector as happened in 2023. JPMorgan does not expect 2024 to be a year when the “have-nots” stage a comeback, as it continues to see a bifurcation in pharma company outlooks.