UPDATE: Morgan Stanley Upgrades H.J. Heinz Company to Equal-Weight Following Deal
Morgan Stanley upgraded H.J. Heinz Company (NYSE: HNZ) from Underweight to Equal-weight and raised the price target to $72.50.
Morgan Stanley commented, "Following the announcement of HNZ's acquisition by Berkshire/3G for $72.50/shr, we move to EW. We view the transaction as positive for sector valuation generally, given speculation on further M&A/divestitures, but do not necessarily view this as precedent for further similarly large transactions."
H.J. Heinz Compan closed at $72.50 on Thursday.
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