UPDATE: Morgan Stanley Raises PT to $74 on Stanley Black & Decker

Morgan Stanley reiterates its Equal-weight rating on Stanley Black & Decker

and raises its price target to $74, up $1, on the company's relative valuation to its sector. Morgan Stanley says, "After adjusting our target multiples based on appreciation for the entire sector, our SWK PT increased by $1, to $74. If spring Construction data were to disappoint, we believe some of the wind would be taken our of the bulls' sails, leaving the stock range-bound. Moreover, we prefer to wait for signs of margin execution within CDIY before becoming more positive; reiterate EW." SWK closed at $77.63 a share on Friday.