Morgan Stanley analyst David Risinger upgraded Elanco to Overweight from Equal Weight but lowered his price target to $32, down from $34. The analyst notes that the current valuation on the stock discounts investor concerns regarding the impact on its swine products from African Swine Fever and competitive threats, noting that his rating change reflects an opportunity on the stock following the recent pullback in price. As livestock pressures fade and new product contributions increase, Risinger expects Elanco's core revenue growth to accelerate from 1% this year to 3%-5% in coming years.