UPDATE: Morgan Stanley Upgrades McDonald's on Strong History

In a report released Thursday, Morgan Stanley analyst John Glass upgrades

to Overweight, keeping the target price of $115. Morgan Stanley defends their upgrade, "We're confident, based on history, that MCD's structural advantages (advertising budget, asset quality, superior store level cash flow, dominant market share) will eventually manifest themselves in improved sales. Meanwhile, relative to the rest of our coverage universe, MCD is cheap on an absolute and relative basis and offers a better risk/reward profile, especially after the significant run the rest of the group (and market) have experienced in 2013." MCD closed Wednesday at $95.41 and is currently trading up at $95.76.