20160530-MorganStaney-2016年科技、电信和媒体行业展望

May2016|MORGaN?STaNLEyHEaDQUaRTERS|1585BROaDWay,41STFLOOR|NEWyORKCITyEquityResearchSpringTrainingTechnology,Media&TelecomTeach-InMORGANSTANLEYRESEARCH1Technology,Media&TelecomTeach-InMay2016TableofContentsMorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.StockrecommendationsanddisclosuresinthisreportareasofMay2,2016;stockpricesasofApril29,2016,unlessotherwisenoted.Agenda.........................................................................................