UPDATE: Morgan Stanley Lowers PT to $52 on DIRECTV, Maintains Overweight

Morgan Stanley reiterates its Overweight rating on DIRECTV

and lowers PT modestly to $42 as it believes the company's lead on peers is not adequately reflected. Morgan Stanley says, "We are moderately lowering US EBITDA growth in ‘12E-‘13E, but continue to see DTV leading peers in both organic growth and equity shrink, which is not adequately reflected in its ~11% fwd FCF yield." DTV closed at $43.03 a share on Friday.