Alpek downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Alpek (ALPKF) to Equal Weight from Overweight with a price target of MXN 10, down from MXN 14. The firm notes that while it continues to like Alpek’s cash generation profile, a more prolonged cyclical trough and limited near term catalysts warrant a more balanced positioning at this stage, the analyst tells investors in a research note.