Land Securities downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Land Securities to Equal Weight from Overweight with a price target of 650 GBp, down from 750 GBp. The analyst says recent operational resilience in European property is likely fading and price discovery is overdue. But positioning already reflects this while rates are peaking, which makes for a wide risk reward, the analyst tells investors in a research note. The firm continues to avoid over-levered and argues the U.K. “looks oversold.”