UPDATE: Morgan Stanley Downgrades Empresas ICA to Equal-Weight

Morgan Stanley is out with its report today on Empresas ICA

, downgrading ICA from Overweight to Equal-weight. In its report, Morgan Stanley writes, "ICA shares are down 51% YTD and are arguably cheap. But we doubt they will outperform before the company shows an ability to generate value from its infrastructure assets. Moreover, recent asset sales result in lower EBITDA, and new projects mean more debt." Shares of ICA closed Thursday at $4.56.