Morgan Stanley raises Chinese stock targets again on earnings optimism

News Snapshot:

Wall Street firm Morgan Stanley raised on Wednesday its index targets for Chinese shares for the second time this year, citing improved earnings growth forecasts and a more optimistic outlook for the economy and currency. The bank upgraded its year-end index targets for Hong Kong’s benchmark Hang Seng Index, Hang Seng China Enterprises index, MSCI China index, and China’s blue-chip CSI300 index to 25,800, 9,500, 83, and 4,220 points, respectively. “The new and higher index price targets are driven by both moderate increases in earnings growth forecasts and higher valuation targets,” the U.S. bank said in a note. It also...