In a report published Monday, Morgan Stanley analyst David R. Lewis upgraded the rating on Integra LifeSciences Holdings IART from Underweight to Equal-Weight, but removed the $40.00 price target.
In the report, Morgan Stanley noted, “Integra's acquisition of Confluent Surgical business from Covidien is more accretive than the Street appreciates and fills the earnings void that the delayed restructuring left in 2014. We are upgrading IART to Equal-weight...Limited visibility towards the timing of margin expansion and organic acceleration in Integra's five-year plan. Confluent is more accretive than consensus appreciates and can be over $0.20 accretive in 2014 and ~$0.30 accretive in 2015 and 2016. Our bull case for Integra is more focused on organic growth and cost restructuring, but deals are still possible into the future.
Integra LifeSciences Holdings closed on Friday at $43.37.
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