Morgan Stanley Increases PT on El Paso to $24 (EP)

Morgan Stanley increased its price target on El Paso (NYSE: EP) from $22 to $24. In a research report published today, Morgan Stanley argued it found an additional value in El Paso.

In the report, Morgan Stanley states, "Raising our price target to $24 from $22 following a deeper review of EP's E&P portfolio, which gives us greater conviction in E&P value and prompts us to apply a smaller discount to EP's net asset value (sum of the parts)."

Morgan Stanley currently has an Overweight rating on El Paso.

In yesterday's trading, El Paso added 0.81% to its value to close the day at $18.66.