UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Concord Medical Services Holdings

In a report published Friday, Morgan Stanley reiterated its Overweight rating on Concord Medical Services Holdings

, and raised its price target from $4.00 to $5.80. Morgan Stanley noted, “We believe it is time to take another look at CCM after it completed the acquisition of Chang'an Hospital in 2Q12. We raise our 2013 and 2014 top-line estimates by 5% and 3% on higher hospital business sales (12e is unchanged). We increase 2012-14 non-GAAP EPS by 12%, 7%, and 9%, respectively, to Rmb3.17, Rmb2.88, and Rmb3.01, respectively. We reiterate our Overweight rating on CCM and raise our PT from US$4.00 to US$5.80.” Concord Medical Services Holdings closed on Wednesday at $4.33.