Signify downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Signify (SFFYF) to Equal Weight from Overweight with a price target of EUR 25, down from EUR 27. The firm sees a “year of two halves” for the European capital goods sector in 2025. The first half’s focus will be on troughing PMIs, but Morgan Stanley stays selective in cyclicals, while the second half will shift into more construction-exposed names, the analyst tells investors in a research note. Into the second half the firm thinks the market will refocus on construction and secular growth names, supported by continued rate cuts. It adjusted ratings as part of its 2025 outlook.