Rolls-Royce upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Rolls-Royce to Overweight from Equal Weight with a price target of 275 GBp, up from 166 GBp. The analyst sees further upside to the company’s fiscal 2023 free cash flow following strong engine flying activity through the second half of the year, and thinks the medium-term cash potential of Rolls-Royce is still “significantly mispriced.”