UPDATE: Morgan Stanley Initiates Coverage on Global Brass and Copper Holdings with Overweight Rating, $20 PT on Attractive Valuation

In a report published Tuesday, Morgan Stanley analyst Paretosh Misra initiated coverage on

with an Overweight rating and $20.00 price target. In the report, Morgan Stanley noted, “Initiating coverage of Global Brass & Copper at Overweight. BRSS is up ~18% since its IPO in late May. We view the stock as an attractive value play on US domestic growth, particularly in housing and autos. The company is responsible for ~40% of N. American production capacity for copper & brass products and ranks No. 1 or 2 in N. American market share in several industrial segments.” Global Brass and Copper Holdings closed on Monday at $13.84.