Morgan Stanley upgraded SEI Investments (SEIC) to Overweight from Underweight with a price target of $77, down from $81. Recent trade developments raise recession risk and the firm expects the M&A pipeline to be impacted by deteriorating market conditions and prolonged uncertainty for CEOs looking to do deals, the analyst tells investors. However, while the firm is double downgrading its Midcap Advisors industry view to Cautious from Attractive, the firm is double upgraded SEI as it earns most fees as a percentage of assets under administration and management. While SEI has some capital markets exposure, the firm views the stock as “a relatively more defensive play within our coverage,” the analyst noted.
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