Morgan Stanley Sees Another Weak Quarter for VimpelCom Ltd.

In a report published Wednesday, Morgan Stanley analyst Cesar Tiron reiterated an Equal-Weight rating and $10.20 price target on

. In the report, Morgan Stanley noted, “VIP continued to underperform in key markets and cut its guidance for FY2014. High management turnover – a key concern for the group – continues with the departure of GTH CEO. We stay EW. Russia continues to worsen. Service revenues declined by 3.7% in 1Q14 versus flat in 4Q13 and 2% growth in 3Q13. A slowdown of data growth to 22% versus ~30% in 2013 was also recorded. EBITDA margin fell 160bps YoY to 40.1% in 1Q14 mainly on falling revenues and investments in monobrand roll-out.” VimpelCom Ltd. closed on Tuesday at $8.26.