Morgan Stanley upgraded REV Group (REVG) to Equal Weight from Underweight with a price target of $46, up from $33. The firm cites REV’s better than expected price/cost dynamic, stronger than expected company throughput via operational efficiency, and strong product demand for the upgrade. Morgan Stanley’s “updated bull/bear cases similarly reflect a balanced risk/reward skew,” corroborating an Equal Weight upgrade, the analyst tells investors in a research note. The firm admits to underestimating the company’s “strong execution” in the face of macro risks and the health of the underlying demand for fire and emergency vehicles.
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