Morgan Stanley trims Hutchison Whampoa’s  (OTC: HUWHY.PK) target to HK$69  (equivalent to OTC US$44.4) from HK$73 after lowering 2009 to 2011 EBIT estimates by 5%, 16%,and 13% respectively, due to slower recovery of port and 3G businesses and lack of “inorganic solution” for 3G business. Yet MS Still keeps Overweight call in medium-term based on turnaround in 3G segment, cyclical upturn in ports, Husky Energy, and  growth in property and retail segments driven by Chinese exposure.

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