CDW upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Erik Woodring upgraded CDW (CDW) to Overweight from Equal Weight with a price target of $171, down from $201. The upgrade is based primarily on an “attractive, near-trough valuation,” the analyst tells investors in a research note. The firm also likes CDW’s relative end market diversification and “safety” in its business model. The company has historically outperformed during more late cycle conditions, adds Morgan Stanley.