UPDATE: Morgan Stanley Reiterates On Grupo Televisa SAB Following Mixed 2Q14 Results

In a report published Tuesday, Morgan Stanley analyst Michel Morin reiterated an Overweight rating on Grupo Televisa SAB (NYSE: TV), but removed the $38.00 price target.

In the report, Morgan Stanley noted, “The downside to EBITDA came mostly from lower-than-expected Content revenue and higher Corporate expenses. This was partially offset by solid results in Cable, where margins expanded 160bps q/q and revenue remained healthy at +15%, down only slightly from +16% in 1Q despite a more difficult comparison. The better-than-expected margins in Cable (and also at Sky) come despite better subscriber net adds. Higher corporate expenses reflect, in part, the impact of the higher stock price.”

Grupo Televisa SAB closed on Monday at $35.51.