Hey, you didn't say I had to be able to explain the calls, just that I should post them. <g>
But yes, it appears there is an overweight/attractive possibility. To each, his own. There is no accounting for taste.
From their webpage:
New York, NY, February 25, 2002 — Morgan Stanley (NYSE: MWD) announced today that it will revise its stock rating system effective March 18. The Firm, which currently has four stock ratings, will move to three ratings: Overweight, Equal-weight and Underweight.
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To provide context for the individual stock ratings, analysts will also publish a view on each covered industry. In addition, the recommended sector weighting from Morgan Stanley's equity strategists will appear on all company reports, alongside the actual weighting in the local benchmark.
<snip>
Stock Ratings: North America, Japan and Europe
Rating / Abbreviation / Definition
Overweight / O or Over / The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
Equal-weight / E or Equal / The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
Underweight / U or Under / The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
More volatile / V / We estimate that this stock has more than a 25% chance of a price move (up or down) of more than 25% in a month, based on a quantitative assessment of historical data, or in the analyst's view, it is likely to become materially more volatile over the next 1-12 months compared with the past three years. Stocks with less than one year of trading history are automatically rated as more volatile (unless otherwise noted). We note that securities that we do not currently consider "more volatile" can still perform in that manner.
Industry View
Rating / Definition
Attractive / Analyst expects performance of industry coverage universe to be attractive vs. relevant broad market benchmark over the next 12–18 months.
In-Line / Analyst expects performance of industry coverage universe to be in line with relevant broad market benchmark over the next 12–18 months.
Cautious / Analyst views performance of industry coverage universe with caution vs. relevant broad market benchmark over the next 12–18 months. |
