Morgan Stanley has released a research report stating that following PHARMARON's (03759) first-half 2026 earnings release, the firm has raised its 2026-2030 forecasts by 1-6%.

This adjustment reflects higher revenue assumptions, management's updated guidance, and improved working capital efficiency.

The investment bank has lifted its price target on the stock from HK$31 to HK$35.6, while reiterating an "Overweight" rating.