Morgan Stanley cuts leisure, hotel names on recession fears
LONDON (MarketWatch) — Morgan Stanley downgraded a host of leisure and hotel plays, cutting Rank Group , JD Wetherspoon , Park Plaza Hotels and Punch Taverns to underweight from equal-weight, citing a “deep multi-year recession” and its new view that there won’t be a V-shaped recovery in 2010. Though it also cut its price target on InterContinental Hotels to 610 pence from 810 pence, Morgan Stanley upgraded the hotel’s group rating to equal-weight from underweight.
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