Morgan Stanley Sees Expansion Case Continue For Medtronic

In a report published Wednesday, Morgan Stanley analyst David R. Lewis reiterated an Overweight rating and $83.00 price target on

. In the report, Morgan Stanley noted, "Accelerating sales in FY3Q15 support our view that Medtronic shares will re-rate as the pipeline and Covidien boost growth, consistency improves, and capital returns rise. We see upside through both product catalysts and financial drivers (June dividend increase and guidance) into FY16." Medtronic closed on Tuesday at $78.07.