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UPDATE: Morgan Stanley Reiterates On TIM Participacoes SA On Mixed 1Q14 Results

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In a report published Friday, Morgan Stanley analyst Michel Morin reiterated an Equal-Weight rating on TIM Participacoes SA (NYSE: TSU), but removed the $24.00 price target.

In the report, Morgan Stanley noted, “EBITDA of R$1.32bn (+8% y/y) missed our estimate of R$1.35bn by 3% and consensus by 2%. Ex.MTR, EBITDA would have grown 13% y/y to R$1.39bn. Relative to our estimates, the downside came from lower-than-expected revenues (-4% vs. MSe), as total costs and expenses were 5% below MSe. EBITDA margin expanded 200bps to 28.0% and service margins expanded 250bps to 33.2%. Margins were buoyed by the MTR cuts, but the solid result comes despite expanding distribution channels and postpaid mix.”

TIM Participacoes SA closed on Thursday at $28.11.

Latest Ratings for TSU

DateFirmActionFromTo
Nov 2020ScotiaBankInitiates Coverage OnSector Outperform
Nov 2020BMO CapitalMaintainsOutperform
Oct 2020TD SecuritiesMaintainsBuy

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