UPDATE: Morgan Stanley Upgrades KKR & Co. LP to Overweight, Raises PT on Multiple Positive Factors, Strong Upside Forecast

In a report published Thursday, Morgan Stanley analyst Matthew Kelley upgraded the rating on

from Equal-Weight to Overweight, and raised the price target from $24.00 to $27. In the report, Morgan Stanley noted, “With robust equity market returns, an open exit window, and fundraising tailwinds, we see a strong alternative asset manager backdrop heading into 2014. We forecast 22% average total return, and upgrade KKR to Overweight.” KKR & Co. LP closed on Wednesday at $22.68.