Henderson Land upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Henderson Land (HLDCY) to Overweight from Equal Weight with a price target of HK$31, up from HK$26.50, as the firm refreshed its ratings and preferences among its Hong Kong property coverage. Hong Kong property prices are down 30% since their peak five years ago and the firm sees several drivers pointing towards a bottoming, says the analyst, who argues investors “could benefit from a long steady cycle ahead.”