Morgan Stanley Cuts 2015 Media Outlook to Cautious
- Firm notes that Media has outperformed the market over the last two and five years
- Firm believes the next phase in the evolution of these generally well-run, high margin businesses will be a challenging period of falling returns
- Firm adds eroding subscriber base and FX headwinds to firm's already diminished ad outlook, leading it to cut estimates across the sector and lowering price targets accordingly