UPDATE: Morgan Stanley Reiterates On LATAM Airlines Group SA Following Weak 1Q14 Results

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In a report published Wednesday, Morgan Stanley analyst Eduardo S. Couto reiterated an Underweight rating on

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LATAM Airlines Group SA

(NYSE: LFL), but lowered the price target from $15.80 to $14.30.In the report, Morgan Stanley noted, “LFL reported weak 1Q14 with 3.5% EBIT margin vs. MSe at 4.8%. Competition on international routes (mainly Brazil-US/Europe) and weak cargo offset Brazil's domestic rebound. Fleet restructuring costs also affected operating results and bottom line. We stay Underweight and cut PT to US$14.30.”LATAM Airlines Group SA closed on Tuesday at $15.55.