June 22 (Reuters) - Shares in Brazilian apparel group Azzas 2154 AZZA3.SA rise some 9% on Monday after the firm said it has hired Morgan Stanley to evaluate strategic alternatives for its 'Farm Rio' brand.

** In a Friday securities filing, the firm says no decision has been made, and no transaction or structure has been approved.

** The process "represents a significant acknowledgment that Farm's value may not be fully reflected within the current structure," BTG Pactual analysts write.

** "At the same time, investors should question the value of the remainder of the portfolio if a transaction with Farm materializes," they add.

** XP analysts write that, based on their "sensitivity analysis", Farm Rio's equity value was estimated between $360 million and $900 million.

** Azzas 2154's shares rise some 9% to about 19.20 reais ($3.73) each, leading gains among stocks from Brazil's equity benchmark index Bovespa .BVSP, which is up 0.9%.

($1 = 5.1483 reais)