Ashland initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Ashland (ASH) with an Equal Weight rating and $60 price target The shares are inexpensive relative to historical multiples following a prolonged turnaround, the analyst tells investors in a research note. However, the firm’s enthusiasm for the shares is limited by a lack of catalysts for a positive near-term inflection. It wants to see Ashland deliver more consistent results versus consensus estimates.