Energy Transfer Partners (ETP +1.7%) is upgraded to Equal Weight from Underweight with a $50 price target at Morgan Stanley, which sees the emergence of a path to distribution growth following YTD underperformance (-12%), a solid Q3 (1.01x coverage at ETP), and completion of the SUN merger
Do you understand what this change at MS means? Two things. First, ETP can be bought in a managed account. Companies with a sell rating are generally not allowed in managed accounts. Second, a broker can suggest ETP for purchase. A broker is normally not allowed to solicit an order for a stock with a sell rating. Similar changes at most other brokers. Lots of $$ moving into the void.
There is no difference between buy and hold ratings on restriction I am aware of.