UPDATE: Morgan Stanley Upgrades Mylan on Earnings and Multiple Call

In a report published on Friday, Morgan Stanley analyst David Risinger upgraded Mylan MYL from Equal-weight to Overweight and set a $41 price target.

In the report, Morgan Stanley stated, "We are upgrading MYL shares from EW to OW and setting a price target of $41, or 11x 2015E EPS of $3.75. This is an earnings and multiple call. The company's analyst meeting on Aug. 1 provided visibility on key medium-long term growth drivers."

Mylan closed on Thursday at $33.98.