UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on Stanley Black & Decker Ahead of Earnings Call - Stanley Black & Decker (NYSE:SWK)

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

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Stanley Black & Decker

(NYSE: SWK), but lowered the $89.00 price target.In the report, Morgan Stanley noted, “SWK reported $1.07 ex 2c of acquisition integration items which compares to 96c/98c Street/MSe and buy-side expectations that were perhaps below the 96-98c guidance range. With the low end of guidance raised by 5c to $5.35-5.50 and 2Q guidance that is consistent with ~$1.40 street, we believe the stock will trade up on results despite another leg down in Security.”Stanley Black & Decker closed on Wednesday at $82.44.