Morgan Stanley downgraded Iberdrola to Equal-weight from Overweight, reducing its price target to €14.50 due to limited near-term upside after a strong performance. The stock, trading at a 25% premium to historical levels, is expected to yield less than 10% total return in 2025, with challenges ahead as growth slows post-2025 and management transitions loom. Despite this, Iberdrola remains a "core holding" for many investors, thanks to its strong earnings mix in electricity networks and renewables.