AES Corp. downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded AES Corp. (AES) to Equal Weight from Overweight with a price target of $15, down from $23, after the company agreed to be acquired by Global Infrastructure Partners and the EQT Infrastructure VI fund for $15.00 per share in cash, representing a total equity value of $10.7B. The firm’s base case is the current offer is approved. Morgan Stanley’s bull case of $18 per share represents a potential scenario with another bidder competing for AES.