Morgan Stanley upgraded RadioShack Corp to "overweight" for the first time in six years, and said the electronics retailer's moves to revamp business should show results.

The company -- which has about 4,450 company-operated stores, almost 1,400 dealer outlets and nearly 600 wireless phone kiosks throughout the United States -- has been cutting costs aggressively, closing unprofitable stores and cutting staff in recent years to turn around its business.

Analyst Gregory Malich, who previously rated the stock "equal-weight," said lower rents, stabilizing return on net operating assets and an increased buyback program will further help the company.

In August, RadioShack approved the repurchase of an additional $200 million of its common stock under an existing share repurchase program.