As previously reported, Morgan Stanley upgraded Jazz Pharmaceuticals (JAZZ) to Overweight from Equal Weight and raised its price target to $183 from $167. Analyst David Risinger said recent management comments imply conviction in strong 2018 growth prospects and M&A optionality due to the strong balance sheet. The analyst also said potential competitive threats from Avadel (AVDL) to Jazz's Xyrem appear significantly delayed and expects increasing investor enthusiasm for the pipeline, especially key new drug candidates JZP-258 and solriamfetol for wakefulness, which appears to have a best-in-class profile. Risinger has increased confidence in JZP-258 being successful in Phase 3 in early 2019 given management signals that it may not choose to file JZP-507 in mid-2018.