Following the release of Pharmaron's (03759) first-half 2026 results, Morgan Stanley has raised its earnings forecasts for the 2026-2030 period by 1-6%. This adjustment reflects higher revenue assumptions, the company's upwardly revised guidance, and improved working capital efficiency.

The investment bank has increased its target price on the stock from HK$31 to HK$35.60, while reiterating an "Overweight" rating.