UPDATE: Morgan Stanley Upgrades BEAM to Overweight on Share Pullback

Morgan Stanley raised its rating on BEAM

from Equal-weight to Overweight with a $64 price target. Morgan Stanley noted, "We are upgrading BEAM to Overweight, as we believe recent stock underperformance on near-term concerns offers investors a long-term buying opportunity into a company with attractive growth and strategic potential. … Our upgrade to OW is not predicated on Q3 being a positive catalyst (we are in line with consensus). Instead, our point is that a short-term pullback in Beam's stock offers a long-term buying opportunity." BEAM closed at $55.3 on Friday.