UPDATE: Morgan Stanley Initiates Coverage on Dick's Sporting Goods

In a notes released Tuesday morning, Morgan Stanley analyst, Simeon Gutman, Initiated coverage on Dick's Sporting Goods Inc.

with an Equal-weight rating and a $50 price target. Gutman wrote, "While we see value in the stock, especially following the recent sell-side downgrades, two items prevent us from being more bullish at this time." Those two items are tough comps and uncertain growth. Gutman noted Dick's faces "very difficult" fourth quarter comps, which are highlighted by the recent moderation. In terms of growth, Gutman is concerned that investors will "wait out" the tough fourth quarter before moving in due to the first quarter miss and reduce full-year 2014 guidance.