Morgan Stanley Reiterates Equal-Weight, Lowers PT On Veracyte As Expectations Are Now Better Calibrated

In a report published Friday, Morgan Stanley analyst Steve Beuchaw reiterated an Equal-Weight rating on Veracyte Inc. (NASDAQ: VCYT), but lowered the price target from $10.00 to $9.00.

In the report, Morgan Stanley noted, "Despite lower guidance and a higher share count, shares remain inexpensive relative to growth. Organic growth of 40% in '16Eis among the fastest in the group and supports a 2.6x '16E multiple; updated PT $9 from $10."

Veracyte closed on Thursday at $8.30.