UPDATE: Credit Suisse Upgrades Mobile TeleSystems as Some Risks Have Materialized

In a report published Wednesday, Credit Suisse analyst Olga Bystrova upgraded the rating on Mobile TeleSystems MBT from Underperform to Neutral, but lowered the price target from $20.00 to $19.00. In the report, Credit Suisse noted, “Upgrade to Neutral from Underperform as one of the risks we highlighted in our note ‘Russian Mobile - Downgrading on risks in 2014-15E' – weaker growth outlook manifested in guidance downgrade – materialised. Slightly higher capex guidance in addition to further FX weakening YTD is the main reason for our TP decrease to US$19 from US$20. The stock is down 16% YTD and is now trading at more attractive levels. However, our concerns over increasing competition risks and continued macro uncertainty warrants a Neutral rating.” Mobile TeleSystems closed on Tuesday at $17.50.