MARKET TALK: Morgan Stanley Downgrades Hikma To Equalweight

18th Jun 2010 07:33

0633 GMT [Dow Jones] Morgan Stanley downgrades Hikma Pharmaceuticals (HIK.LN) to equalweight from overweight but raises price target to 750p from 700p. The bank says a Middle East and North Africa site visit confirmed fundamentals, but MS says the scope for upgrades is limited and the potential risk of dilution leads to the downgrade. The bank asumes $300M is spent on MENA acquisitions, but the probability of Hikma issuing equity to part-fund any deal has increased. Shares closed Thursday at 675p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 18, 2010 02:33 ET (06:33 GMT)

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