[ET Net News Agency, 25 March 2024] Morgan Stanley lowered the target price for
Shanghai Fudan (01385) to HKD13.7 from HKD15.5 and maintained the "equal-weight" rating.
The research house said it expects specialty FPGA to remain in a downcycle, and sees the
company's high R&D expense ratio adding downside risk to near-term earnings. (RC)