We have lowered our OIBDA forecast from RUB 238.6 bn to RUB 224.5 bn. (-2.1% yoy) for 2022 and from 279.3 to 246.5 billion rubles. (+9.8% yoy) for 2023 due to a lower figure in 1H 2022, an increase in the forecast for expenses on reserves of MTS Bank and a decrease in the forecast for sales in MTS stores. We are lowering our target share price from RUB354/share to RUB331/share due to lower OIBDA guidance. Upside potential – 39% to the current price.