UPDATE: Morgan Stanley Initiates Coverage on Ruckus Wireless with Underweight Rating, $13 PT on Market Overestimation

In a report published Monday, Morgan Stanley analyst James E. Faucette initiated coverage on

with an Underweight rating and $13.00 price target. In the report, Morgan Stanley noted, “Ruckus has been able to gain substantial share in the WiFi market through differentiated RF technology. While we think the company will have continued differentiation, we believe the market has overestimated share gain and earnings leverage beyond 2015.” Ruckus Wireless closed on Friday at $14.46.