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Morgan Stanley cuts Wolseley to undeweight from equal-weight

LONDON (MarketWatch) — Morgan Stanley downgraded British building materials firm Wolseley [ss: wos] to underweight from equal-weight on Friday. The broker said that it now has a more negative outlook on the firm’s Nordic business, a more bearish view on U.S. housing starts, it’s estimating no organic revenue growth for the group until 2011 and said that the firm’s balance sheet needs to be addressed. Wolseley shares fell 4.6% in London.
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Original post by Forextvblog

This entry was posted on Friday, June 20th, 2008 at 1:47 am and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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