Cemig downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Cemig to Equal Weight from Overweight with a price target of R$11.50, up from R$10. The analyst cites the significant re-rating of the shares and potential hurdles in the privatization path for the downgrade. The stock’s risk/reward profiles is "less appealing," especially considering several uncertainties on the privatization approval process in the State of Minas Gerais, the analyst tells investors in a research note.