UPDATE: Morgan Stanley Initiates Coverage on Tuniu Corporation with Equal-Weight Rating, $19.50 PT on Low Earnings Visibility

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

with an Equal-Weight rating and $19.50 price target. In the report, Morgan Stanley noted, “We like Tuniu's leadership in China's online organized tour market and believe the company can capitalize on rising outbound travel demand. We would be more positive if margin visibility were to improve.” Tuniu Corporation closed on Tuesday at $16.94.