MCX Jumps 3% as Morgan Stanley Upgrades Stock, Hikes Target by 66%

• Multi Commodity Exchange of India (MCX) shares surged 3% on December 31 after Morgan Stanley upgraded its rating to 'Equal-weight'.
• Morgan Stanley significantly raised MCX's target price by 66% to Rs 11,135, citing a surge in average daily transaction revenue from commodities.
• The brokerage also increased its EPS forecasts for FY26, FY27, and FY28 by 15%, 20%, and 24% respectively.
• MCX shares rose despite a sharp fall in gold and silver futures, attributed to profit-booking and hopes for a Russia-Ukraine peace deal.
• The stock has shown strong performance, gaining over 77% in 2025 so far, with a market capitalization exceeding Rs 56,800 crore.

Why It Matters: Morgan Stanley's bullish upgrade and target hike fueled a 3% surge in MCX shares despite commodity price drops.