UPDATE: Morgan Stanley Raises ConocoPhillips' PT

According to a research report published this morning, Morgan Stanley has increased ConocoPhillips'

to $61. In the report, Morgan Stanley said, "Update our price target to $61 and est. for PSX spinoff. We believe COP has an attractive dividend yield (c.4.5%), yet with higher capex in 2013+, we see limited room to grow dividends with below peer production growth leading to relatively less upside." Morgan Stanley maintains its Underweight rating on ConocoPhillips, which closed yesterday at $56.