UPDATE: Goldman Sachs Raises PT to $22.60 on Mobile Telesystems; Macro, Competitive Stability

Goldman Sachs raises its price target on Mobile Telesystems

from $20.80 to $22.60 while reiterating its Buy rating on shares. Goldman Sachs comments, "MTS' competitors reported strong 1Q12 results showing an acceleration of Russian business revenue growth and a profitability turnaround. That performance is consistent with recent macro data with Russian GDP growing 4.9% yoy in 1Q12 (faster than our economists expected) and private consumption growing 7.5% yoy in real terms. …We believe the competitors' results and macro trends support our positive view on prospects for the Russian mobile market, and MTS is well on track to deliver on 5%-7% yoy revenue growth guidance and 40%-42% EBITDA margins in 2012." MTS closed at $16.42 on Wednesday.