Morgan Stanley Boosts MCX Target by 66%, Sees Further Upside Potential

• Morgan Stanley upgraded Multi Commodity Exchange of India (MCX) to 'Equal Weight' and raised its target price from ₹6,710 to ₹11,135.
• The new target implies only a ~2% upside from current market levels, despite a 66% increase from the previous target.
• The brokerage cites a strong surge in MCX's average daily transaction revenue, driven by increased commodity market activity.
• Morgan Stanley significantly revised EPS estimates upwards: 15% for FY26, 20% for FY27, and 24% for FY28.
• MCX shares have rallied 76% in the past year and delivered a 600% return over three years.

Why It Matters: Morgan Stanley sees continued growth for MCX, raising its target price and EPS estimates based on strong revenue.