FirstRand downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded FirstRand (FANDF) to Equal Weight from Overweight with an unchanged price target of ZAR 8,400. The recent trading update detailed a “solid operational performance,” but UK motor finance claims remain an unknown and risks look to have risen following October’s Appeal Court ruling, says the analyst, who sees better value elsewhere in the sector. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today’s best