In general, Test Studio does not automate against the browser menus, including the Favorites list for IE. This is an aspect of our testing philosophy: Test Studio is designed to automate functional testing of the business logic of user applications, rather than controls and tools (like IE) that have already been unit tested. If this step is key to your testing scenario, please let us know more about your goals, and we will do our best to advise you.
All the best,
the Telerik team