Lenovo upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Howard Kao upgraded Lenovo to Overweight from Equal Weight with a price target of HK$10.40, up from HK$6.40. After more than a year of being bearish on PC stocks, the analyst is "turning more constructive." PCs are going through the most severe two-year downcycle in over 30 years, but evidence is emerging that suggests the PC market is forming a bottom in Q1, the analyst tells investors in a research note.