UPDATE: Morgan Stanley Downgrades NII Holdings on Significant Operating Challenges, Growing Debt Burden
In a report published Thursday, Morgan Stanley analyst Michel Morin downgraded the rating on NII Holdings (NASDAQ: NIHD) from Equal-Weight to Underweight, but named a $4.00 price target.
In the report, Morgan Stanley noted, “NIHD faces significant operating challenges and a growing debt burden. Liquidity looks adequate, but rising debt is crowding out equity value. We downgrade to Underweight from Equal-weight and set a price target of $4.0, down from our prior fair value estimate of $5.”
NII Holdings closed on Wednesday at $6.06.
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