Morgan Stanley Maintains Overweight on Arcutis Biotherapeutics, Lowers Price Target to $10
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Nigel Dally has maintained an Overweight rating on Arcutis Biotherapeutics (NASDAQ:ARQT) but reduced the price target from $45 to $10.

November 13, 2023 | 2:18 pm
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NEGATIVE IMPACT
Morgan Stanley has maintained its Overweight rating on Arcutis Biotherapeutics but significantly cut the price target from $45 to $10.
The substantial reduction in price target from $45 to $10 by a major analyst like Morgan Stanley is likely to be viewed negatively by investors, potentially leading to a decrease in stock price in the short term. The Overweight rating suggests a positive outlook on the company's fundamentals, but the drastic price target cut could overshadow this and lead to bearish sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100