UPDATE: Morgan Stanley Reduces PT to $8.60 on Fibria Celulose; Q1 Miss, Balance Sheet

Morgan Stanley reduces its price target from $9.10 to $8.60 on Equal-weight-rated Fibria Celulose

on Q1 miss and balance sheet concerns. Morgan Stanley comments, "1Q12 EBITDA came below our estimate on the back of higher-than-expected cash costs. Management is working diligently to improve FBR's balance sheet, but ND/EBITDA remains elevated and it still poses a risk in the event that China's pulp imports slow down and, consequently, pulp prices decline." FBR closed at $7.10 on Monday.