UPDATE: Morgan Stanley Resumes on CenturyLink with Overweight Rating and $50 PT

Morgan Stanley has published a report on CenturyLink Inc. resuming the price target of $50. In the report, Morgan Stanley wrote, "We believe CenturyLink's M&A activity is over for the medium-term, yet the stock (down 20% YTD) appears to price in further deal risk. This provides a good entry point to what is the best value in our coverage. CenturyLink is being added to Morgan Stanley's Best Ideas list. CTL has a compelling risk-reward within our In-Line view of the Telecom industry. Secular pressures in wireline remain, but we think they are priced in and can be more than offset via deal synergies/potential revenue upside. Management has a history of strong execution." Morgan Stanley rated CenturyLink an Overweight with a price target of $50. CenturyLink closed Monday at $37.00.