UPDATE: Morgan Stanley Upgrades Medtronic Following Acquisition Of COV
In a report published Tuesday, Morgan Stanley analyst David R. Lewis upgraded the rating on Medtronic (NYSE: MDT) from Equal-Weight to Overweight, and named a $73.00 price target.
In the report, Morgan Stanley noted, “We are upgrading MDT to Overweight following its transformational acquisition of COV. The initial muted reaction (-1%) fails to appreciate greater financial upside through cost and tax synergies and peer leading capital deployment flexibility which should drive >10% returns.”
Medtronic closed on Monday at $60.03.
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