UPDATE: Morgan Stanley Raises PT on Starz on Full Valuation

In a report published Monday, Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating on

, and raised the price target from $22.00 to $26.00. In the report, Morgan Stanley noted, “Starz is likely a 0-2% top line grower, with few major renewals limiting near-term downside risk, but limited pricing power to drive upside. However, high visibility and control over costs leads to steady FCF, and buybacks should drive healthy FCF/share growth. At 9x EV/EBITDA valuation appears full.” Starz closed on Friday at $27.84.