Ferguson upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Ferguson (FERG) to Overweight from Equal Weight with a price target of 16,350 GBp, up from 15,500 GBp. The firm refreshed its European business services framework to identify “valuation anomalies” and opportunities for 2025, and upgraded its sector view to Attractive. Morgan Stanley’s preferred plays are Experian, Bureau Veritas, Diploma and Azelis, and it cautious on the staffers. The analyst likes Ferguson’s U.S. exposure, and says the recent underperformance the shares leaves 20% upside to the price target