UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on AES Corp. Following Sale of Philippines Stake

In a report published Thursday, Morgan Stanley analyst Stephen C. Byrd reiterated an Equal-Weight rating on

, but removed the $16.00 price target. In the report, Morgan Stanley noted, “Sale of Philippines stake is constructive and supports the improving cash flow story. We view the partial sale of AES' Philippines business as a positive for shares, as the proceeds could lead to increased share buybacks and/or growth investment beyond our current projections. We also believe this is a constructive development since it supports the company's strategic initiative to unlock shareholder value and simplify the business.” AES Corp. closed on Wednesday at $15.32.