Bancolombia upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Bancolombia (CIB) to Overweight from Equal Weight with a price target of $53, up from $40. The company is well positioned to benefit from a “nascent” macroeconomic recovery, the analyst tells investors in a research note. The firm says potential policy normalization following the mid-2026 elections could drive further economic improvement and support multiple expansion for the shares. At Bancolombia’s current valuation, the stock’s risk/reward “appears highly compelling,” contends Morgan Stanley.