UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on Viacom on Positive Mid-Year Outlook

In a report published Tuesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating on

, and raised the price target from $91.00 to $94.00. In the report, Morgan Stanley noted, “Over the last three FYs, roughly 70% of Viacom's 13% EPS growth has come through buybacks, which we expect to continue to fuel growth against a backdrop of softening ratings. This suggests VIA's below peer P/E is appropriate. Remain EW, raising PT to $94 as we move to mid-year ‘15.” Viacom closed on Tuesday at $85.03.