Morgan Stanley Initiating Coverage On National CineMedia With An Equal-Weight Rating

Morgan Stanley is initiating coverage of National CineMedia, Inc. NCMI at Equal-weight. “NCM's core business of cinema advertising is a small piece of US ad spend and has significant potential as it works to attract dollars away from the much larger TV spend,” Morgan Stanley writes. “Given our bullish view of advertising for 2011 and particularly our positive outlook for national TV and video advertising, we believe that NCM can grow its advertising revenue above the average for broader media stocks.” National CineMedia currently trades at $19.48.