UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Yum! Brands Following AlphaWise Survey

In a report published Monday, Morgan Stanley analyst John Glass reiterated an Overweight rating on Yum! Brands

, and raised the price target from $67.00 to $80.00. In the report, Glass noted, “Our AlphaWise survey of Chinese QSR consumers suggests that the sales recovery at KFC may be sustainable. In particular our work suggests that ~50% of consumers blame the suppliers, and to a lesser extent the gov't, with only 16% finding KFC at fault. Moreover, >20% still trust KFC's food safety, >40% believe it's an isolated issue and KFC can regain their trust, and only 5% have completely lost confidence in KFC. MCD also saw collateral brand damage from the incident but not nearly as much as KFC.” Yum! Brands closed on Friday at $69.69.