** Morgan Stanley says Propel Funeral Partners' PFP.AX structural growth, exposure to non-discretionary spend and capacity to raise prices are likely to be in demand

** Says the Australian funeral services provider offers exposure to structural long-term growth in death rates and ability to raise prices at least in line with inflation

** Brokerage says co invests in its facilities, vehicles, people and systems

** Expects PFP to undergo consensus upgrades near term; adds acquisition multiples are stable and attractive

** An attractive feature of PFP is the deep management and board alignment — Morgan Stanley

** PFP shares currently down 1%, in line with broader benchmark fall of 1.2%

** Stock down 12.4% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com))