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Morgan Stanley Direct Lending upgraded to Overweight at Wells Fargo

Wells Fargo analyst Finian P. O’Shea upgraded Morgan Stanley Direct Lending (MSDL) to Overweight from Equal Weight with an unchanged price target of $17. The shares are “compelling” at current levels, trading at 0.79-times net asset value, the analyst tells investors in a research note. Wells believes Morgan Stanley Direct Lending has structural return “protections” through the credit lookback and a lower expense base relative to peers.

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