UPDATE: Morgan Stanley Downgrades DirecTV
In a report issued Tuesday, Morgan Stanley downgrades its rating of DirecTV (NASDAQ: DTV) to Equal-Weight.
While analyst Benjamin Swinburne still has a "bullish outlook" for DirecTV, he sees that shares will most likely remain in a narrow trading range due to terms of the deal with AT&T.
Swinburne sees that without another bidder, DirecTV most likely won't have the support to drive the stock higher. The absolute bear case would see DirecTV going to $67 if no deal occurs and growth ends up slowing.
DirecTV will open at $84.65 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.