UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Teekay Corporation

In a report published Monday, Morgan Stanley reiterated its Equal-Weight rating on Teekay Corporation

, and raised its price target from $33.00 to $35.00. Morgan Stanley noted, “TK reported $(0.25) operating loss vs consensus of $(0.44) and our $(0.46). Revenue came in 2% above our forecast and together lower expenses lead to a 10% higher EBITDA of $180m vs our $171m estimate. TOO was responsible for 2/3 of this difference with the offshore subsidiary outperforming both on revenue and expenses. Once again, tankers were a drag as the combined EBITDA of the tanker fleet of the parent and TNK was only marginally positive.” Teekay Corporation closed on Friday at $31.02.