UPDATE: Morgan Stanley Upgrades Medtronic to Overweight, Names $73 PT Following Acquisition of COV

In a report published Tuesday, Morgan Stanley analyst David R. Lewis upgraded the rating on

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.