UPDATE: Morgan Stanley Lowers PT to $32 on TIM Participacoes on Model Update

Morgan Stanley reiterates its Overweight rating on TIM Participacoes

and reduces its price target from $36 to $32. Morgan Stanley notes, "Lowering price target 11% to US$32 from US$36 to reflect weaker FX, a 1% trim to EBITDA, and higher D&A, financial costs, and taxes. In local terms, our price target remains at R$13." TSU closed at $26.51 on Wednesday.