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MS names Caixabank 'top pick' after recent rerating

By Reuters News

** Morgan Stanley raises Caixabank CABK.MC to "overweight" from "equal-weight" after recent selloff, with the brokerage's estimates above consensus

** "We believe the weaker net interest income results season in Spain is largely related to the lag in loan re-pricing, rather than to intensifying deposit competition," MS says

** The brokerage also makes the bank its "top pick" and raises its PT to €14 from €13.80

** Shares in Caixabank have fallen 15% since the beginning of September

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