UPDATE: Morgan Stanley Raises PT on National CineMedia to $15

Morgan Stanley raises its price target to $15 on Buy-rated National CineMedia

on higher 2012 ad outlook. Morgan Stanley says, "We raise our PT to $15 on a higher outlook in '12, looking for acceleration in national advertising growth after 1Q. We remain EW following a 25% YTD equity return as consensus reflects improving ad environment and EV/EBITDA multiples remain 2-3 turns above peers w/similar growth." NCMI closed at $15.70 a share yesterday.