UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on AES Corp. Following Silver Ridge Asset Sale

In a report published Wednesday, Morgan Stanley analyst Stephen C. Byrd reiterated an Equal-Weight rating on AES Corp. AES, but removed the $16.00 price target. In the report, Morgan Stanley noted, “Sale of Silver Ridge stake is constructive and supports cash flow, but value is in-line with our view. We view the sale of AES' partial interest in Silver Ridge as a positive for shares, although it does not impact our valuation since we already include it. Nonetheless, we believe it is a step towards executing its plan to simplify the business model, unlock shareholder value, and effectively deploy capital.” AES Corp. closed on Tuesday at $14.56.