Salzgitter upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Salzgitter (SZGPY) to Equal Weight from Underweight with a price target of EUR 42.20, down from EUR 46.70. The firm “neutralizes” its rating on Salzgitter as the risk-reward skew has become more balanced following the recent de-rating of shares, the analyst tells investors. The recent rise in European gas and power prices has “brought energy risk back into focus,” the analyst noted.