UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on DIRECTV

In a report published Monday, Morgan Stanley reiterated its Overweight rating on DIRECTV DTV, and raised its price target from $53.00 to $56.00. Morgan Stanley noted, “Despite peak programming cost growth, a major dispute with Viacom, and zero industry growth, DTV U.S. is still expected to generate 5.5% EBITDA growth in '12. DTV's current multiple, however, suggests the market does not believe it can repeat in '13, representing a compelling risk/reward here.” DIRECTV closed on Friday at $49.84.