KUALA LUMPUR (May 29): Morgan Stanley analyst Mayank Maheshwari upgraded the recommendation on Tenaga Nasional Bhd to overweight from underweight.

* Price target (PT) raised to RM13.71 from RM12.64, implies 18% increase from
last close. Tenaga Nasional average PT is RM13.98.

* Tenaga Nasional had 13 buys, 8 holds, 4 sells previously: Bloomberg data

* Analysts raised their consensus one-year target price for the stock by 0.8 percent in the past three months. Forecasts range from RM10.70 to RM16.40. 

Performance Metrics

* Investors who followed Maheshwari's recommendation would have received an 18 percent return in the past year, compared with the negative 18 percent return on the shares. 

* In the past six years, Morgan Stanley has rated Tenaga Nasional underweight twice, equal-weight once and overweight once.
 
* The shares fell an average 3 percent in the periods rated underweight, rose 5.9 percent in the period rated equal-weight and rose 45 percent in the period rated overweight. 

* Tenaga Nasional reported earnings that trailed and sales that topped estimates for the quarter on May 28.