UPDATE: Morgan Stanley Reiterates On Grana y Montero SAA On Valuation Opportunity

In a report published Tuesday, Morgan Stanley analyst Javier Martinez de Olcoz Cerdan reiterated an Overweight rating on

, 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.