UPDATE: Morgan Stanley Reduces PT to $3.60, Maintains Underweight on RadioShack

Morgan Stanley reiterated its Underweight rating on RadioShack

and reduced its price target from $4.50 to $3.60 mobile trends represent headwind for the company. Morgan Stanley commented, "Verizon reported 2Q results on 7/19 and results reinforce our view that mobile trends pose headwinds for RSH. Also, TraQline data released today shows RSH could face increased competition in mobile from BBY. We are lowering our 2Q EPS estimates from $0.07 to $0.03 on top-line concerns." RadioShack closed at $3.60 on Monday.