Morgan Stanley Maintains Overweight Rating on Baxter International

According to Morgan Stanley, Baxter International (NYSE: BAX) Overweight rating is reiterated.

Morgan Stanley said that the absence of futility is not the presence of efficacy, but a positive futility analysis suggests investors should assign some value for Alzheimer's in their risk/reward analysis. “In the near term, we continue to expect muted guidance, perhaps at ~$4.55-4.65, but we remain comfortable at $4.57. After this overhang is removed, a strengthening plasma market and accelerating pipeline place Baxter as a top pick in 2012.”

Baxter International closed yesterday at $52.78.