UPDATE: Morgan Stanley Initiates Coverage On CBS Outdoor Americas On Expected Dividend Growth

In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne initiated coverage on

with an Overweight rating and $35.00 price target. In the report, Morgan Stanley noted, “Initiate at Overweight with a $35 12-month PT. As a levered equity play on the US ad economy, revenue growth should accelerate along with rising GDP. Converting over 60% of adjusted OIBDA to FCF, we expect the dividend to grow ~15% pa through 2016.” CBS Outdoor Americas closed on Tuesday at $29.30.