Morgan Stanley cuts price target for MSCI China

SINGAPORE (Reuters) – Morgan Stanley on Friday cut its price target for MSCI China, a week after it lowered its economic growth forecast for China this year in the wake of disappointing data from the world’s second-biggest economy.

Morgan Stanley said its June 2024 target for MSCI China was now 60, down from 70. MSCI China closed at 59.072 on Thursday and is down about 8% this year.

The brokerage said it expects the pattern of substantial earnings misses versus consensus to continue in the current deflationary macro-economic environment.

(Reporting by Ankur Banerjee in Singapore; Editing by Himani Sarkar)