UPDATE: Morgan Stanley Initiates Coverage on Millennial Media

According to a research report published this morning, Morgan Stanley has initiated Millennial Media MM with an Equal-weight rating and $17 PT. In the report, Morgan Stanley said, "Millennial Media (MM) connects mobile application developers with advertisers, enabling publishers of games, music, and other content to offer free apps to smartphone and tablet users. MM currently reaches 300MM users worldwide, or around 40% of global ex-China smartphone users. We forecast the worldwide ex-China installed base of smartphones and tablets growing at a 32% CAGR from 2011 through 2015, at which point we expect 2.7B active mobile connected devices." Millennial Media is currently trading at $16.41.