Morgan Stanley Checks In With Medtronic

Morgan Stanley has published a research report on Medtronic MDT. In the report, Morgan Stanley wrote, "Expectations were low into the F1Q12 quarter, and given relatively in line results, achievable guidance (although less conservative than management thought), and comments from new CEO Omar Ishrak that change is needed, we expect Medtronic to stabilize above its historical trough valuation of 9x CY12 EPS." Morgan Stanley rated Medtronic an Equal-weight with a price target of $37.00. Medtronic closed Tuesday at $33.10.