UPDATE: Morgan Stanley Initiates Equal-Weight on Nike

Morgan Stanley initiates its coverage on Nike NKE with a rating of Equal-weight as it sees the company to be a solid holding for the long term. Morgan Stanley says, "Nike has clear, but well-known, catalysts: a robust and innovative pipeline, gross margin tailwinds, and a strong sporting event year (Olympics, UEFA). With the stock's valuation at five-year highs (20x P/E, 12 EV/EBITDA), we see more upside in other stocks within our universe and are initiating at EW." NKE closed at $106.14 yesterday.