UPDATE: Morgan Stanley Initiates Dick's Sporting Goods at Equal-Weight on Full Valuation

Morgan Stanley initiates its coverage on Dick's Sporting Goods

with an Equal-weight rating. Morgan Stanley notes, "Our AlphaWise survey gives us confidence that the apparel and footwear cycle has legs and we expect DKS to capitalize near term. However, valuation reflects strength and longer-term concerns on store productivity, competition in new geographies and e-commerce temper our enthusiasm." DKS closed at $46.44 on Thursday.