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2021-08-09
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Morgan Stanley swaps Energy for Utilities: Sector Watch<blockquote>摩根士丹利将能源换成公用事业：行业观察</blockquote>
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Energy was lower among the cyclicals, up just 0.2%.</li> <li>The <a href=\"https://laohu8.com/S/SPY\">S&P500 ETF</a> was up 0.9%.</li> <li>Utilities analyst Stephen Byrd notes:</li> </ul> <ol> <li>\"Utilities are double beneficiaries if Democrats pass legislation - more support for clean energy growth and an ability to pass alonghigher corporate taxes to customer.\"</li> <li>\"Utility stocks are already pricing higher interest rates.\"</li> <li>There \"is no spread between BBB bond yields and utility dividend yields which is unusual (bonds typically yield 150-250 bps more).\"</li> </ol> <ul> <li><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> Energy analysts \"maintain a positive bias given strong free cash flow projections, but given our more cautious view on risk assets, the limited house upside forecast for oil, the importance of rate of change in oil price to sector performance, our revisions breadth analysis above, and a worsening technical picture for Energy equities, our top down preference skews more negative pending a price reset.\"</li> <li><a href=\"https://laohu8.com/S/C\">Citigroup</a> recently upgraded XLU to Market Perform, saying the \"group as under-owned, yet there are no clear catalysts for appreciation at the moment.\"</li> </ul> <img src=\"https://static.tigerbbs.com/f0b690c1c99c2b6a1f49a33f165ee06f\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>摩根士丹利表示：“随着我们更具防御性的倾向和上述风险回报偏差，我们正在改变公用事业和能源之间的偏好顺序。”</li><li>它在上升<a href=\"https://laohu8.com/S/XLU\">公用事业精选行业SPDR基金</a>使跑输大盘和切割的重量相等<a href=\"https://laohu8.com/S/XLE\">能源精选行业SPDR基金</a>给同等重量的跑输大盘。</li><li>XLU是上周表现最好的板块之一，上涨4.9%。周期性股票中能源股较低，仅上涨0.2%。</li><li>The<a href=\"https://laohu8.com/S/SPY\">标准普尔500 ETF</a>上涨0.9%。</li><li>公用事业分析师斯蒂芬·伯德指出：</li></ul><ol><li>“如果民主党通过立法，公用事业公司将成为双重受益者——对清洁能源增长的更多支持，以及将更高的公司税转嫁给客户的能力。”</li><li>“公用事业股已经定价了更高的利率。”</li><li>“BBB债券收益率和公用事业股息收益率之间没有利差，这是不寻常的（债券收益率通常高出150-250个基点）。”</li></ol><ul><li><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>能源分析师“鉴于强劲的自由现金流预测，保持积极的偏见，但考虑到我们对风险资产的看法更加谨慎、石油上行预测有限、油价变化率对行业表现的重要性、我们对上述广度分析的修正，以及能源股不断恶化的技术形势，在价格重置之前，我们自上而下的偏好更加负面。”</li><li><a href=\"https://laohu8.com/S/C\">花旗集团</a>最近将XLU上调至市场表现，称“该集团持有量不足，但目前没有明显的升值催化剂。”</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley swaps Energy for Utilities: Sector Watch<blockquote>摩根士丹利将能源换成公用事业：行业观察</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-09 07:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul> <li>\"With our more defensive tilt and the risk reward skews outlined above, we're changing our order of preference between Utilities and Energy,\" Morgan Stanley says.</li> <li>It's raising <a href=\"https://laohu8.com/S/XLU\">Utilities Select Sector SPDR Fund</a> to Equal Weight from Underweight and cutting <a href=\"https://laohu8.com/S/XLE\">Energy Select Sector SPDR Fund</a> to Underweight from Equal Weight.</li> <li>XLU was one the best-performing sectors last week, rising 4.9%. Energy was lower among the cyclicals, up just 0.2%.</li> <li>The <a href=\"https://laohu8.com/S/SPY\">S&P500 ETF</a> was up 0.9%.</li> <li>Utilities analyst Stephen Byrd notes:</li> </ul> <ol> <li>\"Utilities are double beneficiaries if Democrats pass legislation - more support for clean energy growth and an ability to pass alonghigher corporate taxes to customer.\"</li> <li>\"Utility stocks are already pricing higher interest rates.\"</li> <li>There \"is no spread between BBB bond yields and utility dividend yields which is unusual (bonds typically yield 150-250 bps more).\"</li> </ol> <ul> <li><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> Energy analysts \"maintain a positive bias given strong free cash flow projections, but given our more cautious view on risk assets, the limited house upside forecast for oil, the importance of rate of change in oil price to sector performance, our revisions breadth analysis above, and a worsening technical picture for Energy equities, our top down preference skews more negative pending a price reset.\"</li> <li><a href=\"https://laohu8.com/S/C\">Citigroup</a> recently upgraded XLU to Market Perform, saying the \"group as under-owned, yet there are no clear catalysts for appreciation at the moment.\"</li> </ul> <img src=\"https://static.tigerbbs.com/f0b690c1c99c2b6a1f49a33f165ee06f\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>摩根士丹利表示：“随着我们更具防御性的倾向和上述风险回报偏差，我们正在改变公用事业和能源之间的偏好顺序。”</li><li>它在上升<a href=\"https://laohu8.com/S/XLU\">公用事业精选行业SPDR基金</a>使跑输大盘和切割的重量相等<a href=\"https://laohu8.com/S/XLE\">能源精选行业SPDR基金</a>给同等重量的跑输大盘。</li><li>XLU是上周表现最好的板块之一，上涨4.9%。周期性股票中能源股较低，仅上涨0.2%。</li><li>The<a href=\"https://laohu8.com/S/SPY\">标准普尔500 ETF</a>上涨0.9%。</li><li>公用事业分析师斯蒂芬·伯德指出：</li></ul><ol><li>“如果民主党通过立法，公用事业公司将成为双重受益者——对清洁能源增长的更多支持，以及将更高的公司税转嫁给客户的能力。”</li><li>“公用事业股已经定价了更高的利率。”</li><li>“BBB债券收益率和公用事业股息收益率之间没有利差，这是不寻常的（债券收益率通常高出150-250个基点）。”</li></ol><ul><li><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>能源分析师“鉴于强劲的自由现金流预测，保持积极的偏见，但考虑到我们对风险资产的看法更加谨慎、石油上行预测有限、油价变化率对行业表现的重要性、我们对上述广度分析的修正，以及能源股不断恶化的技术形势，在价格重置之前，我们自上而下的偏好更加负面。”</li><li><a href=\"https://laohu8.com/S/C\">花旗集团</a>最近将XLU上调至市场表现，称“该集团持有量不足，但目前没有明显的升值催化剂。”</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3727254-morgan-stanley-swaps-energy-for-utilities\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","XLU":"公共事业指数ETF-SPDR","SPY":"标普500ETF","C":"花旗","XLE":"SPDR能源指数ETF"},"source_url":"https://seekingalpha.com/news/3727254-morgan-stanley-swaps-energy-for-utilities","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133975259","content_text":"\"With our more defensive tilt and the risk reward skews outlined above, we're changing our order of preference between Utilities and Energy,\" Morgan Stanley says.\nIt's raising Utilities Select Sector SPDR Fund to Equal Weight from Underweight and cutting Energy Select Sector SPDR Fund to Underweight from Equal Weight.\nXLU was one the best-performing sectors last week, rising 4.9%. Energy was lower among the cyclicals, up just 0.2%.\nThe S&P500 ETF was up 0.9%.\nUtilities analyst Stephen Byrd notes:\n\n\n\"Utilities are double beneficiaries if Democrats pass legislation - more support for clean energy growth and an ability to pass alonghigher corporate taxes to customer.\"\n\"Utility stocks are already pricing higher interest rates.\"\nThere \"is no spread between BBB bond yields and utility dividend yields which is unusual (bonds typically yield 150-250 bps more).\"\n\n\nMorgan Stanley Energy analysts \"maintain a positive bias given strong free cash flow projections, but given our more cautious view on risk assets, the limited house upside forecast for oil, the importance of rate of change in oil price to sector performance, our revisions breadth analysis above, and a worsening technical picture for Energy equities, our top down preference skews more negative pending a price reset.\"\nCitigroup recently upgraded XLU to Market Perform, saying the \"group as under-owned, yet there are no clear catalysts for appreciation at the moment.\"","news_type":1,"symbols_score_info":{"XLE":0.9,"MS":0.9,"XLU":0.9,"C":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1308,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/898935147"}
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