UPDATE: Morgan Stanley Initiates Marathon Petroleum at Overweight

Morgan Stanley is out with its report today on Marathon Petroleum (NYSE: MPC), initiating MPC at Overweight.

In a note to clients, Morgan Stanley writes, "MPC offers exposure to three themes that we think will drive 29% upside: (1) high exposure to the WTI-LLS crude differentials, (2) non-commodity EBITDA growth in 2012 and (3) midstream restructuring potential. Our 'Bull case,' Cushing filling scenario drives +44% upside."

Morgan Stanley maintains a $54 PT on MPC.

Shares of MPC closed Thursday at $41.78.