Thursday May 8, 10:09 AM
Broker snap: Morgan Stanley downgrades Enterprise after surge
LONDON (ShareCast) - Morgan Stanley (SPU - news) has lowered its recommendation on Enterprise Inns (LSE: ETI.L
- news) to 'equal-weight' from 'overweight' following the surge in the pub group's share price as it moved closer to REIT status yesterday. Shares in Enterprise Inns soared by nearly a third yesterday after it confirmed it is eligible to convert to a low tax real estate investment trust (REIT) if an internal restructuring of the group is undertaken. Morgan Stanley said its previous stance on Enterprise, which owns tenanted pubs, had been solely based on a successful REIT conversion, which now seemed to be priced into the stock. The broker keeps its 640p price target on Enterprise.
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