Morgan Stanley Sees End-Market Pressure on Hill-Rom Holdings

In a report published Tuesday, Morgan Stanley analyst David R. Lewis reiterated an Underweight rating and $36.00 price target on

. In the report, Morgan Stanley noted, “We are supportive of the deal, but remain underweight on end-market pressure. More diversity is needed, which will continually put valuation at risk, but the returns and channel leverage from the TRUMPF deal make us more positive than we were on Aspen.” Hill-Rom Holdings closed on Monday at $40.09.