UPDATE: Morgan Stanley Downgrades DirecTV to Equal-Weight

In a report issued Tuesday, Morgan Stanley downgrades its rating of DirecTV DTV to Equal-Weight.

While analyst Benjamin Swinburne still has a "bullish outlook" for DirecTv, he sees that shares will most likely remain in a narrow tradng range due to terms of the deal with AT&T.

Swinburne sees that without another bidder, DirecTV most likely won't have the support to drive the stock higher. The abosolute bear case would see DirecTV going to $67 if no deal occurs and growth ends up slowing.

DirecTV will open at $84.65 on Tuesday.