Brenntag downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Annelies Vermeulen downgraded Brenntag to Equal Weight from Overweight with an unchanged price target of EUR 86. The analyst refreshed the firm’s “Best Business Model framework” to identify valuation anomalies and opportunities for 2024. Preferred plays are Elis, Bureau Veritas, Experian and Diploma, the analyst tells investors in a research note. The firm is cautious on Securitas, IMCD and Eurofins.