Reece upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Reece (REECF) to Overweight from Equal Weight with a price target of A$16, up from A$12, citing the U.S. branch roll-out opportunity, U.S. housing cycle tailwinds and capital management optionality. The firm made the change as it revisits ratings and order of preference within its Australian Industrials coverage.