Morgan Stanley raised the firm’s price target on CommScope (COMM) to $5 from $2.70 and keeps an Equal Weight rating on the shares. While the firm says it views CommScope as a “critical component of the service provider equipment ecosystem,” it also believes the current valuation implies there is significantly more optionality for the company’s $9.3B debt stack than the firm believes exists. The width of the risk/reward leaves the firm Equal Weight as it balances near term positive catalysts around refinancing and its “lean more cautious” on EBITDA prospects, the analyst tells investors.