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EssilorLuxottica: plenty of value to unlock, MS says

(CercleFinance.com) - Shares of EssilorLuxottica, the Franco-Italian eyewear giant, rose almost 1% on Monday after Morgan Stanley upgraded the company to "overweight" from "equal-weight.

Morgan Stanley analysts also raised their price target on the shares to 143 euros from 111 euros.

"We see compelling value-creation opportunities from the ongoing vertical integration," the broker said in a note.

Morgan Stanley said it turned more bullish on synergies and sees takerover target GrandVision potentially adding a further 15% to EssilorLuxottica's fair value.

A blue-sky scenario could even add more than 50% upside, it said.

EssilorLuxottica shares are currently up 1% to 133.3 euros in late morning trade on Euronext Paris, outpacing a 0.9% drop in the CAC index.

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