MS sees European mining equipment as 'a fairly defensive' amid tariffs uncertainty

** Morgan Stanley says tariffs have increased the uncertainty for the European capital goods sector, but sees aftermarket mining businesses as a relatively well sheltered, making them a fairly defensive segment vs the wider sector

** European mining equipment names appear as a (relative) safe-haven, as their aftermarket businesses are supported by high commodities prices, it says

** MS says Sandvik SAND is its preferred play and upgrades the Swedish metal cutting and mining equipment maker to "overweight" from "equal weight"

** It considers Sandvik's mining business as "best-in-class" given the company's outsized exposure to gold, lead in electrified mining equipment, and sees optionality around the CMD

** It raises Swedish mining and construction equipment maker Epiroc EPI_A to "equal weight" from "underweight" citing the change in the sector's backdrop

** The brokerage cuts Weir Group WEIR to "equal weight" from "overweight" seeing the UK technology provider's balance sheet headroom angle now largely played out