UPDATE: Morgan Stanley Downgrades VisionChina Media; Lowers PT

According to a research report published this morning, Morgan Stanley has downgraded VisionChina Media

from Overweight to Equal-weight, and lowered PT from $2.80 to $1.37. Morgan Stanley commented in the report, "The slower-than-expected ad recovery and soft 2Q outlook lead us to lower our earnings forecasts and downgrade VisionChina to EW, with a new DCF-based price target of US$1.37." VisionChina Media closed yesterday at $1.27.