SKF shares rise on Morgan Stanley double upgrade

Beonic

23/09/2021 09:14

** Morgan Stanley double-upgrades SKF, the world's biggest
maker of industrial bearings, to "overweight" from "underweight"
citing positive risk-reward into 2022, pushing shares up 4%
    ** The broker says SKF is set to benefit from mid-cycle
transition in 2022 as volumes and pricing come through
    ** "SKF shares have derated to levels we see as both
surprising and unsustainable," MS says
    ** The broker adds it believes the current growth concerns,
driven by a peak in PMIs earlier this year, are "overdone"
    ** The stock, which has fallen 1% this year, is among top
performers on the pan-European STOXX 600  .STOXX  index

 (Reporting by Milla Nissi)
 ((milla.nissi@tr.com))