Royalty Pharma price target lowered by $11 at Morgan Stanley, here’s why

Morgan Stanley lowered the firm’s price target on Royalty Pharma to $46 from $57 and keeps an Overweight rating on the shares. In offering a 2024 outlook for North American Biopharma, the firm says it expects four themes – diabesity, product cycles, policy and rates – to be in focus next year. At the stock level, the firm expects “another year of dispersion” and generally recommends investors continue to focus on companies that can deliver growth in the second half of the decade.