UPDATE: Morgan Stanley Upgrades Millennial Media to Overweight

According to Morgan Stanley, Millennial Media

is upgraded to Overweight. Morgan Stanley said that Millennial Media (MM) shares have declined around 25% this week. “On Monday, the company reported better-than-expected 1Q results: 1Q revenue was 10% above our/consensus forecasts, gross margin improved 50 bp Q/Q, and EBITDA of -$1.5MM (ex-non-cash charges) was better than our -$4MM forecast.” Millennial Media closed yesterday at $11.44.