Sky sceptic comes in line after easing of concerns

摘要

Morgan Stanley, which has long been one of the more bearish investment banks on UK pay-television operator BSkyB, last week upgraded its recommendation on the company's shares, saying that key concerns had now been addressed. It is now in line with most of its peers in giving BSkyB a "hold" recommendation — or "equal-weight" as the bank calls it. In July 2005, Morgan Stanley lowered its rating to "underweight" - shares expected to deliver below the sector's average return over the next 12 to 18 months — because it was worried about three factors: football, ADSL competition and the cost of hitting subscriber targets.