UPDATE: Morgan Stanley Lowers PT on Rovi to $57
Morgan Stanley is out with its report today on Rovi (NASDAQ: ROVI), lowering its PT from $59 to $57.
In its report, Morgan Stanley writes, "We remain Equal-weight. We believe Rovi is likely to benefit from secular growth in video content consumption, but we believe Rovi's premium multiple reflects the opportunity. Our PT reduction is primarily due to lower end market forecasts, with Rovi's share assumptions largely unchanged."
Shares of ROVI closed Monday at $49.54, down 0.54% from Friday's close.
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