UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on PPL Corporation as All Eyes Are on Supply

In a report published Thursday, Morgan Stanley analyst Rajeev Lalwani reiterated an Equal-Weight rating on

, but lowered the price target from $33.00 to $32.00. In the report, Morgan Stanley noted, “Following rate resolution in the UK, extracting value from the merchant business is key for PPL as shares would have limited upside without it. Although we attribute no value here, the ability to capture synergies via M&A could drive 3-10% in upside, but we note uncertain value and timing.” PPL Corporation closed on Wednesday at $32.19.