UPDATE: Morgan Stanley Reiterates On TIM Participacoes Following Strong EBITDA, Weak Revenue

In a report published Friday, Morgan Stanley analyst Michel Morin reiterated an Equal-Weight rating on TIM Participacoes (NYSE: TSU ), but removed the $26.00 price target. In the report, Morgan Stanley noted, “EBITDA of R$1.50bn (+5% y/y) beat our estimate of R$1.36bn by 11% and consensus by 7%. Relative to