Morgan Stanley analyst Joshua Pokrzywinski upgraded his industry view on the U.S. Multi-Industry sector to Attractive from In-Line, as he believes expectations around capital spending are quite low despite several years of underinvestment, sees limited excess capacity, and sees signals that improvement in trade is likely to release pent-up demand in the economy. He believes all three of his top picks in the Electrical Equipment and Multi-Industry sector - namely Fortive (FTV), Emerson (EMR) and Gardner Denver (GDI) - capture those cyclical tailwinds as well as having "idiosyncratic rerating stories," Pokrzywinski tells investors. He also upgraded Rockwell Automation (ROK) and Grainger (GWW), each to Equal Weight from Underweight, as he believes a firming cycle warrants a more constructive view on cyclical names. Other stocks in the sector mentioned by Pokrzywinski in his note include Parker-Hannifin (PH), Allegion (ALLE), Eaton (ETN), Hubbell (HUBB), Dover (DOV), Ametek (AME), Fastenal (FAST) and Stanley Black & Decker (SWK).