According to a research report published this morning, Morgan Stanley has downgraded VisionChina Media VISN from Overweight to Equal-weight, and lowered PT from $2.80 to $1.37.
Morgan Stanley commented in the report, "The slower-than-expected ad recovery and soft 2Q outlook lead us to lower our earnings forecasts and downgrade VisionChina to EW, with a new DCF-based price target of US$1.37."
VisionChina Media closed yesterday at $1.27.
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