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In a report published Tuesday, Morgan Stanley analyst Javier Martinez de Olcoz Cerdan reiterated an Overweight rating on
Grana y Montero SAAGRAM, but lowered the price target from $24.33 to $21.10.
In the report, Morgan Stanley noted, “Underperforming for the first time in years: It started just after the conference in Miami in mid-January, when management first mentioned some issues in the Linea 2 of Lima metro. Since January 17, GRAM is down -25% in PEN, underperforming Lima SE General by 22 percentage points; it is now trading close to its lowest absolute level since 2012.”
Grana y Montero SAA closed on Monday at $16.49.
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