Morgan Stanley maintained CNInsure CISG with an Overweight rating and lowered the price target from $9.00 to $8.50.
Morgan Stanley noted, "We remain OW on improving margin, better revenue growth outlook, low valuation, potential capital management and corporate restructuring. … Management guided for 5-15% revenue growth in the next two years: Management stated that the gross margin bottomed in 3Q12 and will improve over the next two years to a more normalized level of 35-40%."
CNInsure closed at $5.93 on Monday.
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