UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Irsa Inversiones y Representaciones SA on Updated Estimates

In a report published Monday, Morgan Stanley analyst Rafael C. Pinho reiterated an Overweight rating on Irsa Inversiones y Representaciones SA IRS, and raised the price target from $16.00 to $18.00. In the report, Morgan Stanley noted, “We are updating our estimates and raising our PT by US$2, to US$18, driven in part by the quarter rollover and by a more constructive outlook on JV investments. At our new PT, IRSA trades at a ~20% cap rate, substantially higher than global peers.” Irsa Inversiones y Representaciones SA closed on Friday at $16.31.