UK: Morgan Stanley raises Allied

By | 13 October 2003

The investment bank Morgan Stanley has raised its rating on Allied Domecq to "overweight" from "equal-weight" on Monday.

Morgan Stanley, which cited good growth prospects as the reason for the move, said in a note that Allied's historical discount to its peers to narrow as "misperceptions about Allied's competitive position fade and major strategic changes raise capacity for growth".

The bank said it had a price target of 420 pence on Allied shares.

Sectors: Spirits, Wine

Companies: Allied

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UK: Morgan Stanley raises Allied

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