UPDATE: Morgan Stanley Reiterates On Telefonica Brasil SA Despite Trimmed Estimates

In a report published Friday, Morgan Stanley analyst Michel Morin reiterated an Overweight rating on

, and raised the price target from $22.00 to $23.00. In the report, Morgan Stanley noted, “We are raising our DCF-based target to $23/ADR from $22 due to FX, as we trim the target on local shares to R$51 from R$52. Results were light in 1Q14, as the company continues to spend for growth, in our view. We continue to find the risk-reward compelling and reiterate our OW.” Telefonica Brasil SA closed on Thursday at $21.08.