The initiation of coverage by Morgan Stanley with an Equal-Weight rating suggests a neutral outlook on Northern Oil & Gas, indicating that the stock is properly valued at its current price. The price target of $40 provides a reference point for investors, but since it is not specified whether this target is above or below the current trading price, the impact is considered neutral. The rating and price target are likely to be factored into the stock's trading behavior in the short term, but without a clear bullish or bearish stance, the immediate impact on the stock price may be limited.