Trainline assumed with an Overweight at Morgan Stanley

Morgan Stanley analyst Miriam Josiah assumed coverage of Trainline with an Overweight rating and price target of 334 GBp, down from 347 GBp. The analyst says that while risk of further U.K. strike action may weigh on sentiment in the short term, this is largely priced in with the shares on a 5% free cash flow yield. The firm is incrementally more positive on the implications of U.K. rail reform for Trainline.