UPDATE: Morgan Stanley Initiates Coverage On Weibo Awaiting Margin Visibility

In a report published Monday, Morgan Stanley analyst Philip Wan initiated coverage on

with an Equal-Weight rating and $21.40 price target. In the report, Morgan Stanley noted, “We like Weibo's leadership in online social media and its multiple monetization opportunities. We would turn more positive on faster-than-expected monetization from its new services (i.e. promoted feeds and social e-commerce) and improved margin visibility.” Weibo closed on Friday at $18.54.