Morgan Stanley Downgrades Cytokinetics to Equal-Weight, Raises Price Target to $90
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Jeffrey Hung has downgraded Cytokinetics (NASDAQ:CYTK) from Overweight to Equal-Weight, while also raising the price target for the stock from $60 to $90.
January 05, 2024 | 11:12 am
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NEUTRAL IMPACT
Cytokinetics was downgraded by Morgan Stanley from Overweight to Equal-Weight, although the price target was increased from $60 to $90.
The downgrade to Equal-Weight suggests that Morgan Stanley sees limited upside potential relative to the market or sector, indicating a neutral outlook on the stock's short-term performance. However, the increase in price target from $60 to $90 is a positive sign, suggesting that the analyst believes the stock has the potential to perform better than previously expected. The mixed nature of the downgrade and price target increase may lead to a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100