Uni-President China upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Uni-President China to Equal Weight from Underweight with a price target of HK$6.60, up from HK$4.90. Following Q1 results that the firm says “were a positive surprise,” it tells investors that operations have improved, but adds that momentum will be difficult to sustain in upcoming quarters and argues that the year-to-date move in share price has already fully factored this in.