Morgan Stanley Starts Coverage on BioMar, Flags Cost Pressures and El Niño Risks
Morgan Stanley initiated coverage of Danish aquafeed producer BioMar Group at 'equal-weight' with a 121 Danish crown price target, calling the shares fairly valued versus peers. The broker highlighted a solid medium-term growth outlook but cited material input cost inflation and El Niño-related supply and demand uncertainty as reasons to remain cau…