Morgan Stanley shifts to malls, upgrades Multiplan, downgrades Plano & Plano

Morgan Stanley has adopted a defensive stance in Brazilian real estate, upgrading Multiplan (shopping mall operator) and downgrading Plano & Plano (homebuilder), signaling a preference for mall assets over construction. This reflects a sector rotation within Brazilian equities, likely driven by expectations of resilient consumption in malls versus cyclical housing demand. The move is a single-broker call, not a broad market signal.