UPDATE: Morgan Stanley Reiterates on America Movil Following In-Line 4Q

In a report published Wednesday, Morgan Stanley analyst Michel Morin reiterated an Equal-Weight rating on America Movil AMX, but removed the $21.00 price target. In the report, Morgan Stanley noted, “EPADR of US$0.37 missed our US$0.49 and consensus of US$0.44 on higher than expected FX losses. Service revenue of P$178bn missed MSe by 3%. However, the miss was mostly FX related as service revenue growth of 8% in local FX terms was in line. EBITDA of P$63.5bn and EBIT of R$37.2bn were both in line with MSe. By country, EBITDA beat MSe in Brazil and Southern Cone, offsetting misses in most other countries. Pre-tax profit missed by 42% on significantly higher-than-expected FX losses, and this was partly offset by a much lower tax rate of 13%, vs. our 34% assumption.” America Movil closed on Tuesday at $21.49.