UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on CDK Global Awaiting More Clarity

In a report published Friday, Morgan Stanley analyst Brian Essex reiterated an Equal-Weight rating on

, and raised the price target from $42.00 to $45.00. In the report, Morgan Stanley noted, "With management now actively pursuing engagement of a consulting firm, we expect a higher level of multiple support as investors anticipate that operational review could lead to a better long-term margin profile. Remain EW until we get more clarity, but raising TP to $45." CDK Global closed on Thursday at $47.36.