UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Mead Johnson Nutrition on Details of SEC Inquiry

In a report published Wednesday, Morgan Stanley analyst Matthew Grainger reiterated an Equal-Weight rating on Mead Johnson Nutrition MJN, but removed the $85.00 price target. In the report, Morgan Stanley noted, “In its updated 10-K filing released this afternoon, MJN provided new disclosure surrounding the SEC's inquiry into certain promotional expenditures made by its China subsidiary which may have not have complied with U.S. and/or local laws. While this inquiry was initially disclosed in October 2013, today's filing specifies that the certain expenditures were made in violation of company policies, and potentially in violation of the Foreign Corrupt Practices Act (FCPA), which could – if found to be the case – result in monetary and/or other penalties.” Mead Johnson Nutrition closed on Tuesday at $77.25.