Morgan Stanley downgraded Super Hi (HDL) to Equal Weight from Overweight with a price target of $25, up from $21.50. The firm says improving operating efficiency should support further margin expansion for the company in Q4 and 2025. However, store network expansion was slow in 2024 and may remain disciplined in 2025, the analyst tells investors in a research note. As such, Morgan Stanley views Super Hi’s valuation as fair after the recent rally.
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