UPDATE: Morgan Stanley Upgrades Burlington Stores to Overweight, Names $29 PT on Multiple Positive Factors

In a report published Tuesday, Morgan Stanley analyst Kimberly C. Greenberger upgraded the rating on Burlington Stores 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. BURL has near term momentum and a solid L-T business model. Potential for 20+% EPS CAGR is second only to KORS in our coverage universe. Risk/reward skews 2.4/1 to the upside and we see 15% return to our PT.” Burlington Stores closed on Monday at $25.13.