Overweight Hindalco, target Rs 147: Morgan Stanley

Morgan Stanley maintains an overweight rating on Hindalco with a 12-month target price of Rs 147. The global investment bank sees improved cash flows led by higher aluminum price.

Good FCFs, volume growth should drive deleveraging. The company's global cost curve positioning, exposure to downstream limits the downside risk. The risk-reward is favorable as gradual deleveraging will drive stock performance.