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UPDATE: Morgan Stanley Upgrades Medtronic Following Acquisition Of COV

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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.

Latest Ratings for MDT

DateFirmActionFromTo
Jul 2017Morgan StanleyMaintainsEqual-Weight
Jul 2017William BlairReinstatesOutperform
May 2017Goldman SachsInitiates Coverage OnNeutral

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Posted-In: David R. Lewis Morgan StanleyAnalyst Color Upgrades Analyst Ratings

 

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