ITM Power upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded ITM Power (ITMPF) to Equal Weight from Underweight with a price target of 40 GBp, down from 50 GBp. Visibility on potential new large orders remains low for ITM Power, but the company has a relatively stronger funding position and the consensus expectations on the group’s revenue trajectory for the coming years looks more reasonable than for Nel ASA, the analyst tells investors in a research note.