Morgan Stanley upgraded Exelixis (EXEL) to Overweight from Equal Weight with a price target of $40, up from $30, after assuming coverage of the name. The Street is likely too conservative in peak sales estimates of Cabometyx and zanzalintinib, the analyst tells investors in a research note. The firm also sees share support from the company’s “under-utilized and under-appreciated” balance sheet. Morgan Stanley views the stock’s current valuation as “undemanding.”
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