UPDATE: Morgan Stanley Initiates Infoblox with Equal-Weight; Upside Priced In

Morgan Stanley initiates its coverage on Infoblox BLOX with a rating of Equal-weight as it believes potential upside has already been fully priced into the shares. Morgan Stanley says, "Initiating at EW, as at ~$20, the stock already reflects a material ramp in revenue and margin leaving little room for anything but beat and raise quarters, a likely but not assured scenario in light of Cisco's recent earnings. However, market opportunity is significant and the franchise strong." BLOX closed at $19.48 on Monday.