UPDATE: Morgan Stanley Resumes Coverage on Pinnacle Foods with Equal-Weight Rating, $32 PT Following HSH Merger Termination

In a report published Tuesday, Morgan Stanley analyst Matthew Grainger resumed coverage on

with an Equal-Weight rating and $32.00 price target, down from $36.00. In the report, Morgan Stanley noted, “We are resuming coverage of PF at Equal-weight with a 12-month PT of $32 ($36 prior) following the termination of the HSH merger agreement. We remain constructive on both Pinnacle's solid recent execution and potential M&A, but see balanced risk-reward given long-term growth constraints.” Pinnacle Foods closed on Tuesday at $31.42.