Morgan Stanley downgraded Danone (DANOY) to Equal Weight from Overweight with a price target of $15.60, up from $14.40, following a change in analysts. The shares now look fairly valued after a 20% relative re-rating since the company’s turnaround plan was announced, the analyst tells investors in a research note. The firm says that while Danone has attractive category exposure and its turnaround has more to go, the stock’s valuation now looks fair.
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