UPDATE: Morgan Stanley Maintains Overweight on Booz Allen Hamilton

Morgan Stanley is out with its report today on Booz Allen Hamilton BAH, maintaining Overweight. In a note to clients, Morgan Stanley writes, "These form the basis of our Overweight rating and represent opportunities for F12 estimates to move higher throughout the year: 1) BAH should be able to expand beyond government into new commercial / international markets once its non-compete agreement with Booz & Co. expires in F2Q, but the company's F12 guidance excludes these potential new revenue streams; 2) consensus revenue / EPS forecasts are in the middle of the company's guidance range for F12, which leaves room for upside; and 3) funded + unfunded backlog was up 15% yoy in F3Q11, which makes high single- to low double-digit revenue growth expectations for F12 look very achievable." Morgan Stanley maintains a $23 PT on BAH. Shares of BAH closed Thursday at $17.84, down 0.28% from Wednesday's close.