Sanofi downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Sanofi (SNY) to Equal Weight from Overweight with a price target of $52, down from $55. Q1 results support upside to 2026 numbers and scope for a Q2 guidance raise, but “the equity story remains catalyst-light” with key pipeline readouts now in 2027, the analyst tells investors. The analyst added that “cheap valuation alone may not close the discount.”