voda schreef op 9 september 2022 17:18:
Galapagos cut at Morgan Stanley on positive but slow transformation
Sep. 09, 2022 8:32 AM ET Galapagos NV (GLPG)By: Ravikash, SA News Editor
Wall street sign with American flag in the Financial District of Lower Manhattan
Galapagos (NASDAQ:GLPG) was downgraded by Morgan Stanley to Equal Weight from Overweight with price target cut to $61 from $80 citing a positive but slow transformation.
The SA Quant Rating on GLPG is Buy, which takes into account factors such as growth and profitability, among others things. The rating is in contrast to the average Wall Street Analysts' Rating of Hold, wherein 3 out of 6 analysts tag it as Hold. YTD, the stock has shed ~11.5%, see chart here.
Morgan Stanley said it believes that Galapagos' valuation remains compelling and the company's management, including CEO Paul Stoffels, provides credibility, but the management is focused on an organic transformation which would take time and a greater pivot with the pipeline.
The firm continue to want exposure to the upside optionality at Galapagos, but thinks that it will take longer to realize.
Morgan Stanley added that it will keep an eye on management's progress and hopes to revisit the company when a clearer upside case comes up.
GLPG +1.32% to $49.21 premarket Sept. 9seekingalpha.com/news/3881611-galapag...