RealNetworks Lower, Despite Initiation of Coverage by Morgan Stanley

RealNetworks

(RNWK) - Get Report

was down 3.4% in morning trading, though

Morgan Stanley Dean Witter

initiated coverage with an outperform rating and a 12-month price target of $35.

Shares of the Seattle-based company whose software plays audio and video online opened at $26.4, well off its 52-week high of $96.