Sandoz downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Sandoz to Equal Weight from Overweight with a price target of CHF 30, down from CHF 31. The analyst sees rising intellectual property and commercial risks for U.S. biosimilars. Sandoz could still be a long-term winner in the biosimilar space, but short-term uncertainty balances out the risk/reward, the analyst tells investors in a research note.