Morgan Stanley Sees Potentially Encouraging Outlook For Medtronic

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

. In the report, Morgan Stanley noted, “Weaker margin performance compounded a slower top-line, but management provided a rationale for improvement on both fronts although we found the margin argument less compelling. We see limited upside at 14x for a structurally slower EPS grower unless sales growth moves to 5%.” Medtronic closed on Tuesday at $59.41.