Morgan Stanley Sees Good Potential Upside for Millennial Media

In a report published Thursday, Morgan Stanley analyst Jordan Monahan reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “MM is a large independent mobile ad network facing a rapidly expanding addressable market. It is competing aggressively, however, for market share against (1) larger, better-funded rivals and (2) emerging audience-buying platforms, both of which may represent a single point of contact for advertisers and agencies. MM currently achieves around one-third penetration of the global mobile installed base, which we expect to grow at a 35% CAGR from 2010-2015.” Millennial Media closed on Wednesday at $6.15.