Shares of Jubilant Foodworks gained as Morgan Stanley has upgraded the stock rating and nearly doubled the target price.

Jubilant Foodworks stock gained as much as 4.4 per cent to highest, its since December 2, 2015.

Morgan Stanley has upgraded the stock to “overweight” from "equal-weight", and raised the price target to Rs 1,780 from Rs 900.

The brokerage firm said that the operator of Domino's franchise could benefit from demand trends which show quick-service restaurants remain favourable with same-store sales growth.

Visibility on near-term growth recovery is high for the company, it said.

Thirteen out of 30 analysts covering the stock have “buy" or higher rating, 6 have “hold” while 11 rate it at “sell” or lower, according to Thomson Reuters Eikon.

The median price target on the stock is Rs 1,258. The stock had gained about 74 per cent so far in the year up to Thursday's close.