Morgan Stanley Sees No Catalyst for Medtronic to Narrow the Discount vs. Peers

In a report published Wednesday, Morgan Stanley analyst David R. Lewis reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “The quarter confirmed fears on CRM share loss and EM pressure, but both were roughly inline with expectations. Concerns notwithstanding, the key issue for Medtronic is the ability to drive comparable growth to peers. In the interim, we see the multiple discount as warranted. We remain Equal-weight.” Medtronic closed on Tuesday at $56.19.