** Shares of beverage company Primo Brands Corp PRMB.N up ~1.8% at $30.09

** Morgan Stanley initiates PRMB coverage with "overweight" rating, saying recent share weakness presents an opportunity for long-term entry point

** Adds that co's short-term challenges from weather and integration hiccups are now priced in

** Brokerage set PT at $38, a ~28.6% upside on stock's last close

** All 11 brokerages covering the stock rate it "buy" or higher; their median PT is $42 - LSEG data

** Including session's moves, stock down ~2.6% YTD

(Reporting by Prakhar Srivastava in Bengaluru)

((Prakhar.srivastava2@thomsonreuters.com))