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BUZZ-Drax: Morgan Stanley sees a happy new year

Reuters - UK Focus

** Power co Drax tops FTSE mid cap gainers' list after Morgan Stanley (Xetra: 885836 - news) raises rating on stock forecasting stronger 2018 after "challenging" 2017

** MS upgrades to "equal-weight" saying 2018 should provide more clarity on underlying earnings power, management decision on capital returns & growth across all 3 divisions

** MS says FY results in February should provide additional colour on underlying earnings power given the strategic overhaul

** MS says Drax delivers an impressive FCF yield that can support capital returns

** Stock poised for best day since April

** Stock is -22pct YTD