Inter&Co price target raised to $4.50 from $4 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Inter&Co to $4.50 from $4 and keeps an Underweight rating on the shares. While the company’s 5-year plan suggests significant upside to the firm’s estimates and fair value, Morgan Stanley remains skeptical of management’s ability to deliver on the plan given the large gap in execution over the last five years, the analyst tells investors in a research note. The firm adds however that its higher price targets reflect its new macro assumptions.