UPDATE: Morgan Stanley Initiates Coverage on Cavium as High Growth Justifies High Valuation

In a report published Thursday, Morgan Stanley analyst Joseph Moore initiated coverage on Cavium (NASDAQ: CAVM ) with an Overweight rating and $48.00 price target. In the report, Morgan Stanley noted, “We are initiating coverage of Cavium with an Overweight rating. We are well above consensus on 2014e and 2015e