Morgan Stanley downgraded Danone (DANOY) to Equal Weight from Overweight with a price target of $15.60, up from $14.40, following a change in analysts. The shares now look fairly valued after a 20% relative re-rating since the company’s turnaround plan was announced, the analyst tells investors in a research note. The firm says that while Danone has attractive category exposure and its turnaround has more to go, the stock’s valuation now looks fair.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on DANOY:
- Zoetis and Danone team on dairy industry’s approach to healthier cows.
- Lifeway Foods confirms $25.00 per share buyout proposal from Danone
- Lake Street says Lifeway could command premium if bid starts competitive process
- Danone North America proposes to acquire Lifeway Foods for $25 per share
- Danone downgraded to Hold from Buy at Jefferies