Associated British Foods downgraded to Equal Weight at Morgan Stanley

Morgan Stanley downgraded Associated British Foods to Equal Weight from Overweight with a 2,500 GBp price target. The analyst says volume growth will be the main theme for European retailers in 2024. As price inflation moderates, sales growth will become increasingly reliant on volumes, and retailers in the “sweet spot” to be rewarded by the market, the analyst tells investors in a research note. The rating change is part of the firm’s 2024 outlook.