Morgan Stanley Comments on Mergers and Acquisitions at Integra Lifesciences

Morgan Stanley has published a report on Integra LifeSciences IART commenting on mergers and acquisitions by the medical device company. In the report, Morgan Stanley wrote, "After an uneventful yet positive quarter, we question whether getting bigger is the best way to improve shareholder value. After a period of limited acquisitions, SeaSpine, the recent debt financing and management commentary suggest further M&A activity for Integra. Using M&A activity at reasonable valuations to spur growth and drive synergies is defensible, but it may not be as valuable to shareholders as driving leverage through underappreciated internal efficiency opportunities while increasing dividends and buybacks." Morgan Stanley rated Integra Lifesciences an Equal-weight with no price target given. Integra LifeSciences closed Thursday at $45.85.