Morgan Stanley Welcomes Shift in Sentiment on Baxter International

In a report published Friday, Morgan Stanley analyst David R. Lewis reiterated an Equal-Weight rating on Baxter International BAX. In the report, Morgan Stanley noted, “Management's strategic rationale for a spin is largely consistent with the argument we made in May 2013. We agree that the spin should unlock immediate value and see it as a strong way to maximize results from businesses with very different risk, return, and investment profiles. The shift in sentiment among senior management and the board is sudden (and somewhat unexplained) but is very much welcome.” Baxter International closed on Thursday at $72.80.