Pepsi Bottling Group saw its target price raised yesterday by investment bank Morgan Stanley.

Bill Pecoriello, an analyst with the bank, also upped his rating of the company, the largest bottler of PepsiCo Inc. beverages, to "overweight" from "equal-weight."

The group's target price has been increased from US$24 to $30 per share. In a research note reported by Reuters, Pecoriello based the upgrade on a number of factors including an "overly pessimistic scenario currently discounted by stock," and the expectation of more visibility in the second quarter on the company's Mexican operations.