Morgan Stanley & Co. upgraded the shares of MBNA Corp. to "strong buy" from "outperform" on Tuesday, predicting the credit card specialist can maintain earnings growth this year despite growing delinquencies.

The upgrade comes as investors are worrying about rising consumer delinquencies. After Advanta Corp. announced unexpectedly large losses in its credit card portfolio in mid-March, MBNA's shares fell to $27.875 from $31.375 in just two weeks.

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