UPDATE: Morgan Stanley Initiates Coverage on Vantiv

According to a research report published this morning, Morgan Stanley has initiated Vantiv VNTV with an Equal-weight rating and $24 PT. Morgan Stanley commented in the report, "We think VNTV has a very attractive business model which compares favorably to its peers on a number of measures. That said, with the stock trading at 19.7x F12 EPS (the high end of the comp group), and a still-evolving public track record, we believe the current risk/reward is balanced." Vantiv closed yesterday at $22.52.