Alstom downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Ben Uglow downgraded Alstom to Equal Weight from Overweight with a EUR 30 price target. The analyst recommends move into defensive names in European capital goods for 2023. Inventory reduction will dominate the sector in 2023 as the most significant supply chain event ever goes into reverse, which will show how much demand is secular and how much was "just plain cyclical," Uglow tells investors in a research note.