UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on LATAM Airlines Group SA (ADR) Following 4Q14 Results

In a report published Wednesday, Morgan Stanley analyst Ricardo L. Alves reiterated an Underweight rating on

, but lowered the price target from $11.30 to $10.30. In the report, Morgan Stanley noted, "LFL 4Q14's EBIT margin of 8.6% beat MSe of 7.4%, and the stock could react positively in the ST. However, competition and weaker currencies pressured yields, and thus consolidated PRASK declined 13% y-y. Despite a better quarter, we believe the negative unit revenue trend will remain and we stay UW." LATAM Airlines Group SA (ADR) closed on Tuesday at $8.31.