Phibro Animal Health price target lowered to $17 from $18 at Morgan Stanley

Morgan Stanley analyst Erin Wright lowered the firm’s price target on Phibro Animal Health to $17 from $18 and keeps an Equal Weight rating on the shares. While “encouraged” by the latest beat and FY24 revenue targets, Phibro’s initial FY24 profit guidance is “light” compared to the firm’s forecast, says the analyst, who is reducing the firm’s FY24 EPS view by 19c following the guidance.