Morgan Stanley maintains an 'equalweight' rating on TCS stock with a price target of Rs. 3,730, reflecting only a 3% upside potential from Friday's close. The firm cites the stock's premium to its own average for the last five years as a factor making the risk-reward unfavorable for TCS. Since the market has anticipated the buyback for the past two quarters, the announcement does not give enough assurance to stakeholders, according to Morgan Stanley.