UPDATE: Morgan Stanley Upgrades Millennial Media to Overweight; Mobile Monetization Solution

Morgan Stanley upgrades its rating on Millennial Media MM from Equal-weight to Overweight and establishes a price target of $17 on shares. Morgan Stanley notes, "We believe that recent weakness in Millennial Media's share price presents an attractive opportunity to own the largest independent mobile advertising business. We introduce a $17 price target, offering investors around 50% upside over the next 12 months." MM closed at $11.44 on Wednesday.