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SSE: Morgan Stanley upgrades stock

( - Morgan Stanley has upgraded its rating on SSE (Scottish & Southern Energy) from "weight in line" to "overweight" and has raised its corresponding target price from 1255 pence to 1290 pence, highlighting the renewable energy business as a "Jewel in the Crown".

"A simpler (and higher multiple) group structure is on the horizon as SSE exits Retail and E&P, creating a majority Renewables and Networks business," the broker said.

According to Morgan Stanley, this should increase the focus on SSE Renewables, which it considers as undervalued today. The broker therefore sees a "~20% TSR opportunity with catalysts ahead".

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