In a report published Wednesday, Morgan Stanley analyst Eduardo S. Couto reiterated an Overweight rating on

(NYSE:

), but removed the $15.20 price target. In the report, Morgan Stanley noted, “VLRS reported weak 4Q13 with EBIT Mg. at -6.2%, down 12p.p. Y/Y and 11p.p. below MSe. Despite low yield (down 15% Y/Y vs. MSe of -8%), 4Q surprise came from non-ticket revenue per ASM, down 17% Y/Y and 10% Q/Q. Non ticket/ASM dropped a lot in 2013 raising concerns to VLRS unbundled pricing strategy.” Volaris closed on Tuesday at $11.39.