Sell on rally, says Morgan Stanley

Jonathan Garner of Morgan Stanley said, "For EM, we are raising our MSCI EM base-case target slightly from 735 to 755. However, our revised target price still implies 6.3 percent downside from current levels, and we continue to advise selling the rally.""The revised target price is due to marginal positive impact on earnings in 2016 with less-aggressive USD strength in the near term compared to our previous forecasts. Similarly, our MSCI APxJ base-case target price is revised upward from 390 to 395," he added.