Morgan Stanley lowered the target price for WuXi XDC (02268) to HKD39 from HKD40.6 and maintained the "overweight" rating.
The research house said the revenue forecasts are revised by 7%, 1%, and -4% for 2024, 2025, and 2026, respectively, due to an enlarged revenue base from reported 2023 financials and fewer CMO projects in 2025 and 2026.
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