Morgan Stanley lowered the firm’s price target on GSK (GSK) to 1,290 GBp from 1,355 GBp and keeps an Underweight rating on the shares. The firm updated the company’s model for currency moves and reduced Blenrep sales ahead of the Q2 report. Morgan Stanley cut its peak Blenrep sales estimate to GBP 500M from BBP 1.4B citing the “low probability” of a U.S. approval.
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