Morgan Stanley analyst David Risinger upgraded Horizon Pharma to Overweight from Equal Weight in the wake of the stock's 6% slide on March 5 due to its disclosure of the receipt of a civil investigative demand from the DOJ, noting that management responded by conveying high confidence in the company's legal compliance. Meanwhile, he believes the company's transition to rare diseases is underappreciated and the stock's valuation is compelling. The analyst, who forecasts 2023 orphan/rheumatology sales of $1.96B, compared to consensus of $1.51B, maintains a $32 price target on Horizon shares.