UPDATE: Morgan Stanley Upgrades Burlington Stores on Multiple Positive Factors

In a report published Tuesday, Morgan Stanley analyst Kimberly C. Greenberger upgraded the rating on Burlington Stores (NYSE: BURL ) from Equal-Weight to Overweight, and named a $29.00 price target. In the report, Morgan Stanley noted, “Stretched multiple pressured the stock but 23% YTD pullback is overdone in our opinion.