Broker snap: Morgan Stanley downgrades Enterprise after surge
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Morgan Stanley has lowered its recommendation on Enterprise Inns to 'equal-weight' from 'overweight' following the surge in the pub group's share price as it moved closer to REIT status yesterday.
Shares in Enterprise Inns soared by nearly a third yesterday after it confirmed it is eligible to convert to a low tax real estate investment trust (REIT) if an internal restructuring of the group is undertaken.
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Morgan Stanley said its previous stance on Enterprise, which owns tenanted pubs, had been solely based on a successful REIT conversion, which now seemed to be priced into the stock.
The broker keeps its 640p price target on Enterprise.
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