UPDATE: Morgan Stanley Initaites Equal-Weight on BEAM; Key Positives Priced In

Morgan Stanley initiates its coverage on BEAM

with an Equal-weight rating. Morgan Stanley comments, "We are initiating coverage of BEAM at Equal-weight. We have a positive bias to the spirits sector and the renaissance in bourbon, but believe Beam's attractive growth and strategic potential are largely priced into valuation with the stock at all-time highs." BEAM closed at $62.84 on Friday.