Renaissance Lowers Rating For Mobile TeleSystems

Investment bank Renaissance Capital has cut its rating on top Russian cellular operator Mobile TeleSystems (MTS) to "hold" from "buy", saying that after recent gains the share had little upside left. In a research note dated November 26 the company also said it was lowering its long-term rating on MTS, which is listed in New York, to "market performer" from "market outperformer". "MTS shares have significantly outperformed the Russian equity market, and are currently traded near our target price," it said. Experts of Renaissance Capital also noted that the entry of a new player on Moscow's cellular market could affect the company's growth, the Russia Journal reported.