Morgan Stanley cuts TPI Composites to Underweight on prolonged recovery

Morgan Stanley downgraded TPI Composites (TPIC) to Underweight from Equal Weight with a price target of $2, down from $4. The firm also reduced its industry view on clean technology to In-Line from Attractive, saying there is an added level of uncertainty in the market as to how the policy environment for renewables will change under the newly elected administration. The analyst cites increased competition from Chinese blade manufacturers in Europe and a prolonged recovery in U.S. onshore wind for downgrade of TPI Composites.