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6:41 a.m.: Morgan Stanley raises Carvana price target Morgan Stanley likes what it sees from Carvana after its "operational turnaround." The bank reiterated an underweight rating on the used car retailer but raised its price target to $75 per share from $45. "Throughout 2023, CVNA transitioned from a distressed equity into an operational turnaround with a restructured interest burden," Morgan Stanley analyst Adam Jonas said. The firm downgraded the HVAC stock to neutral from buy and lowered its price target to $68 per share from $74. MU YTD mountain MU year to date — Brian Evans 5:45 a.m.: Morgan Stanley upgrades U.S. Steel There's a big buying opportunity in U.S. Steel after a recent pullback this year, according to Morgan Stanley.

Persons: Morgan Stanley, Baird, Morgan Stanley's, CVNA, Adam Jonas, — Brian Evans, Wells, Mike Mayo, Mayo, Brian Evans, Johnson, Damian Karas, " Karas, Tristan Gerra, Gerra, Carlos De Alba, Alba, De Alba, Fred Imbert Organizations: CNBC, U.S, Steel, Micron Technology, Wells Fargo, Citi, UBS, Johnson, JCI, Micron, MU, Nippon Steel, U.S . Steel, . Steel Locations: Carvana, Wells Fargo, Friday's, U.S

☆ Morgan Stanley names this steel stock a top pick as it undergoes a transformation
▼ + stars: | 2023-10-02 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

U.S. Steel is undergoing a transformation to become a tech-savvy steelmaker, making it an attractive play, according to Morgan Stanley. Analyst Carlos De Alba upgraded the steelmaker to overweight from equal weight and named it a top pick on "the expected value creation from the company's transformational investments." He increased his price target by $15 to $40, implying the stock could gain roughly 23.2% over the next 12 months. "Furthermore, continuing interest from multiple parties in acquiring X, despite the near-term hit to FCF, highlights the value of the company's ongoing transformation strategy." U.S. Steel, historically an integrated blast furnace steelmaker, is rapidly transforming by expanding its electric arc furnace, or EAF, capabilities and high value-add downstream offerings, De Alba said.

Persons: Morgan Stanley, Carlos De Alba, De Alba, Steel, — CNBC's Michael Bloom Organizations: Steel, U.S . Steel, Cleveland, . Steel, Cleveland Cliffs Locations: U.S

☆ This stock could benefit from a Mexican steel tariff, Morgan Stanley says
▼ + stars: | 2023-07-27 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Ternium could benefit if the U.S. puts a tariff on steel coming from Mexico, according to Morgan Stanley. "Hence, we believe that TX would be well positioned if the US imposed tariffs on steel produced in Mexico and Mexico retaliated." The volume of steel imported to the U.S. from Mexico jumped 43% in 2022, compared with 2018 and 92% from 2015. That underscores a shift in the relationship in recent years, as the country had a negative steel trade balance with the U.S. prior to 2018. In other words, the bulk of the trade is steel more commonly produced by other companies.

Persons: Morgan Stanley, Carlos De Alba, De Alba, Ternium, Alba, — CNBC's Michael Bloom Organizations: U.S Locations: U.S, Mexico, Wednesday's

☆ Morgan Stanley says sell this aluminum giant as sluggish global growth, strong dollar hurt its outlook
▼ + stars: | 2023-06-22 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Alcoa will suffer from weaker global growth, according to Morgan Stanley. AA YTD mountain Alcoa stock has slipped 23.2% from the start of the year. Despite being down year to date, Alcoa shares are up 10% this month. That said, "the global growth outlook remains challenging and will weigh on commodity demand and mining equities." "We would like to see the equities trade at more attractive valuations and/or an acceleration in global growth before turning more optimistic again," the analyst noted.

Persons: Morgan Stanley, Morgan Stanley's, Carlos De Alba, De Alba, — CNBC's Michael Bloom Organizations: Alcoa Locations: China, U.S

☆ This steel producer can rally 15% as companies move supply chains closer to U.S., Morgan Stanley says
▼ + stars: | 2023-03-06 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Terniun is expected to perform better in the year ahead, helped in part by moves to bring supply chains closer to the U.S., according to Morgan Stanley. Analyst Carlos De Alba upgraded the stock to overweight from equal weight and increased his price target to $52 from $34. "We think TX shares will continue to work as profitability inflects higher," he said in a note to clients Sunday. "We believe Ternium's profitability has reached an inflexion point, which historically has proven a good entry point for the stock." Going forward, he said the stock will be a beneficiary as companies try to bring their supply chains closer to where they are located, a trend dubbed "nearshoring."

☆ Morgan Stanley upgrades Cleveland-Cliffs to overweight, says steel producer can jump 35%
▼ + stars: | 2023-01-12 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

A recent jump in fixed annual steel price contracts should boost free cash flow for mining company Cleveland-Cliffs , making now a good time for investors to snap up shares, according to Morgan Stanley. Morgan Stanley upgraded the company to overweight from equal-weight and boosted its price target to $26 from $13.60 in a Wednesday note. The company announced in December an increase to its annual price contracts for auto customers — their largest end market. In addition, Morgan Stanley thinks that those increases in fixed price contracts are not fully baked into sell-side consensus estimates. "This should provide further clarity and greater confidence to the market on the impact of the increase in the annual fixed price contracts."

☆ Morgan Stanley upgrades Vale, says China reopening and iron ore price jump could help mining stock
▼ + stars: | 2022-12-09 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Vale has a "cocktail of positive catalysts" that will boost the stock in 2023 and beyond, according to Morgan Stanley. The Brazil-based mining company is mainly focused on iron ore and nickel. The stock will be helped by rising prices for iron ore, which Morgan Stanley is bullish on during the first half of 2023. Iron ore trades at about $109 per ton, which is up from $80 in early November, but could rise to $140 in the second quarter of 2023 as Chinese steel output improves while iron ore supply seasonally falls. Reopening measures in China should also help the stock as it's tied directly to iron ore production abilities.

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