Morgan Stanley raised its price target for French electrical equipment maker Legrand to €166 from €160, while maintaining its overweight rating and top-pick status. The broker increased its earnings-per-share forecasts for 2026, 2027 and 2028 by 0.7%, 2.1% and 4%, respectively, and now expects 10.7% organic growth in 2027. It also assumes acquisitions will contribute about 4% to annual sales growth from 2027 through 2030. Morgan Stanley’s 2027 operating-profit forecast of €2.76 billion is 6.5% above Visible Alpha consensus. Legrand expects organic sales growth of 6% to 8% annually in 2027-30 and average operating margins of 21% to 22%, compared with 20.5% to 21% in 2026; it expects acquisitions to add about 5% to annual sales growth. Data centers are a major growth driver, with sales expected to expand at a mid-to-high teens rate through 2030 and account for about 32% of group revenue in 2026 and roughly 43% by 2030 before further acquisitions. Investors remain focused on Legrand’s ability to compete in power protection, rectifiers and liquid cooling as data centers gradually adopt 800-volt direct-current systems. Morgan Stanley’s valuation implies a €166 target, with a €200 bull case and a €120 bear case.