UPDATE: Morgan Stanley Raises PT on DreamWorks Animation on Mixed Factors

In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Underweight rating on DreamWorks Animation SKG DWA, and raised the price target from $22.00 to $26.00. In the report, Morgan Stanley noted, “Lowering ‘13E on Turbo but raising ‘15E on higher licensing and film library revs. A stabilizing home video market has lessened downside risk, and we like DWA's effort to diversify, but current valuation looks rich vs. lower-risk growth elsewhere in Media.” DreamWorks Animation SKG closed on Tuesday at $28.04.