UPDATE: Morgan Stanley Upgrades Cott Corporation to Overweight; Valuation Attractive, Improving Margins

Morgan Stanley raises its rating on Cott Corporation COT from Equal-weight to Overweight and establishes a price target of $9. Morgan Stanley comments, "We believe COT's cheap valuation reflects neither improving fundamental prospects with an improving pricing/commodity cost gap, nor the flexibility to use free cash flow to enhance shareholder value." COT closed at $7.18 on Friday.