UPDATE: Morgan Stanley Downgrades Scripps Network Interactive to Equal-Weight.

Morgan Stanley is out with its report today on Scripps Network Interactive SNI, downgrading SNI to Equal-weight. In a note to clients, Morgan Stanley writes, "SNI's risk-reward now appears balanced after upward 2011 estimate revisions and announcement of a share buyback. Ad growth should slow in 2012 given ratings trends, and the timing of SNI's purchase of the ~31% Food / Cooking JV minority stake remains uncertain. We see absolute upside, but trim our price target to $55." Shares of SNI closed Friday at $47.76.