UPDATE: Morgan Stanley Initiates Equal-Weight on Millennial Media; Mobile Advertising Pure Play

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Morgan Stanley initiates its coverage on Millennial Media (NYSE: MM) with an Equal-weight rating, as it believes the company's status as a pure play on mobile advertising may be already priced in. Morgan Stanley notes, "We initiate coverage of Millennial Media at Equal-weight, with a $17 base case value. MM delivers market-leading ad targeting capabilities to advertisers and superior monetization to developers. However, the risk/reward appears balanced at current levels."MM closed at $18.74 on Monday.

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