MORGAN STANLEY ON REITs

• EMBASSY REIT ; EQUAL-WEIGHT | TP ₹455 | EARLIER TP ₹460 — Downgraded from Overweight. • BROOKFIELD REIT ; UNDERWEIGHT | TP ₹330 | EARLIER TP ₹340 — Downgraded from Equal-weight. • MINDSPACE REIT ; OVERWEIGHT | TP ₹550 | EARLIER TP ₹490 — Rating maintained; target price raised. • KNOWLEDGE REIT ; OVERWEIGHT | TP ₹120 | EARLIER TP ₹127 — Rating maintained; target price cut.

STANLEY LIFESTYLES LTD

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