UPDATE: Morgan Stanley Maintains Equal-Weight on Fibria Ceiulose; Raises PT from $7.90 to $8.40

Morgan Stanley maintained an Equal-Weight rating on Fibria Ceiulose SA FBR and raised its price target from $7.90 to $8.40. Morgan Stanley commented, “FBR printed a good set of numbers. Mgmt working diligently to improve FBR's balance sheet, but after the follow-on and asset sales (one more to close), further deleveraging depends mainly on pulp prices – which we expect will fall in the coming months. Reiterate EW rating, but PT up to $8.4/ADR.” Fibria Ceiiulose closed at $7.61 on Thursday.