UPDATE: Morgan Stanley Initiates Coverage on Intel

According to a research report published this morning, Morgan Stanley has initiated Intel INTC with an Underweight rating and $26 PT. In the report, Morgan Stanley commented, "After excellent fundamental execution over the past two years, Intel likely has minimal earnings growth potential through 2014 as prices flatten, unit growth slows, and costs rise. Recent bullish margin guidance through 2013 and significant stock price outperformance leave little room for error." Intel closed yesterday at $26.13.