UPDATE: Morgan Stanley Upgrades PepsiCo to Overweight; Attractive Risk/Reward

Morgan Stanley upgrades PepsiCo PEP from Equal-weight to Overweight on a risk reward that is more attractive and establishes a price target of $77. Morgan Stanley comments, "We view PEP as a win-win situation. Either higher marketing pays off (vs. skeptical MS/market expectations) and the stock outperforms, or continued fundamental struggles may lead to more drastic action, including management/strategic changes, which could unlock shareholder value." PEP closed at $65.90 on Friday.