UPDATE: Morgan Stanley Downgrades RadioShack
According to a research report published this morning, Morgan Stanley has downgraded RadioShack (NYSE: RSH) from Equal-weight to Underweight, and established a $4.50 PT.
Morgan Stanley commented in the report, "We are downgrading RSH and decreasing estimates as we expect further challenges. Pressure from carriers and handset makers is intensifying, depressing earnings, and shares are not cheap at 14x ‘13E EPS. Further downside earnings revisions and a potential dividend cut are likely catalysts."
RadioShack closed yesterday at $5.17.
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