Morgan Stanley maintains an Overweight rating on WH GROUP due to its all-time high share price driven by the upcycle in the US hog market, which has improved its upstream business and increased dividends. The company's optimized business structure and stable downstream operations support more consistent growth, leading to expectations of further stock re-rating with enhanced earnings and dividend visibility. The target price has been raised from $8.2 to $12.7, reflecting improved earnings forecasts.
