UPDATE: Morgan Stanley Reiterates On Hubbell On Shift Towards Independent Trustee

In a report published Tuesday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on

, and raised the price target from $122.00 to $135.00. In the report, Morgan Stanley noted, “The shift towards an independent trustee for the Hubbell and Roche trusts (~36% voting rights) could signal a subtle yet important tilt in the Board of Directors' thinking between short term and long term value creation. We raise our PT to $135 as we raise the probability of our bull case outcome.” Hubbell closed on Monday at $122.42.