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thyssenkrupp: Morgan Stanley downgrades stock

( - On Friday Morgan Stanley downgraded its rating on the thyssenkrupp share on Friday from "equal weight" to "underweight," having cut its corresponding target price from 7.
5 euros to 5.8 euros.

"thyssenkrupp's investment case has evolved following the sale of Elevators, setting a new financial framework," the broker says in its report.

"Nonetheless, the ultimate priority remains unchanged: restructure lossmaking divisions & reduce FCF burn," it continues.

However, faced with these issues Morgan Stanley says that it sees a "high" risk of execution and expresses real uncertainty about the outcome of the process.

Thyssenkrupp shares are currently down over 2% at around 6 euros in Frankfurt.

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