** Morgan Stanley initiates coverage on Australia's Myer Holdings MYR.AX with an "overweight" rating and a price target of A$1.10
** Says it thinks apparel market is underestimating Myer's ability to restore growth and profitability
** Brokerage sees pathway for MYR stock to double
** Myer, an Australian department store operator, acquired in January Premier Investments' PMV.AX apparel brands in exchange of stake in MYR
** MYR is in the early stages of a major turnaround and integrating the apparel brands. Execution risk is high. But if it succeeds, we think the share price can more than double — Morgan Stanley
** One of two analysts rate the stock "buy" or higher, one "hold"; their median PT is A$1.05 — LSEG data
** Stock has fallen 37.4% this year, as of last close
(Reporting by Roshan Thomas in Bengaluru)
((Roshan.Thomas@thomsonreuters.com))
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