The recommendation was degraded to “hold” from “buy”.
The bank’s analysts decreased the target price of MTS’ common shares by 0.6% to 337 rubles that implies a potential growth by 20% from the current level of quotes. The “buy” recommendation was confirmed.
MTS renders services in Russia, Belarus, Turkmenistan and Ukraine. Vladimir Yevtushenkov’s multi-industry holding AFK Sistema owns 51.46% in MTS, while 48.54% are in a free float on the Moscow Exchange and the New York Stock Exchange.