UPDATE: Morgan Stanley Upgrades Kraft Foods Group to Overweight, Raises PT Following YTD Underperformance

In a report published Monday, Morgan Stanley analyst Matthew Grainger upgraded the rating on

from Equal-Weight to Overweight, and raised the price target from $55.00 to $60.00. In the report, Morgan Stanley noted, “Upgrading KRFT to Overweight following YTD underperformance of ~750 bps. We are raising our PT to $60 as we expect robust productivity and restructuring efforts to support above-peer EPS visibility and rational reinvestment in 2014, and result in re-rating versus US Food peers.” Kraft Foods Group closed on Friday at $53.55.