UPDATE: Morgan Stanley Downgrades VisionChina Media; Lowers PT
According to a research report published this morning, Morgan Stanley has downgraded VisionChina Media (NASDAQ: VISN) from Overweight to Equal-weight, and lowered PT from $2.80 to $1.37.
Morgan Stanley commented in the report, "The slower-than-expected ad recovery and soft 2Q outlook lead us to lower our earnings forecasts and downgrade VisionChina to EW, with a new DCF-based price target of US$1.37."
VisionChina Media closed yesterday at $1.27.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.