Glanbia shares tumble 6% after Morgan Stanley cuts rating to underweight

Glanbia shares dropped 6% after Morgan Stanley downgraded the Irish nutrition group to Underweight, citing concerns over intensifying competition and higher contracted whey costs. The bank warned that these factors could pressure Glanbia's 2027 margins and earnings, lowering its 12-month price target to €19.20. While Morgan Stanley raised its 2026 EPS estimate after Glanbia's Q3 beat, it noted a less favorable outlook for the following year due to competitive pricing and procurement costs.