Piper Jaffray Maintains Overweight Rating and $40 PT on Medtronic

A report from Piper Jaffray reiterates its Overweight rating and $40 price target on Medtronic

. The report states, “We are expecting a relatively in-line quarter for Medtronic with no change to forward guidance. We expect investor focus to be on performance within the month of October, particularly US ICD market trends and any rebound in global surgical volumes after the soft summer. We model GM down slightly yr/yr, but do expect some operating margin leverage on restructuring.” MDT closed Friday at $33.94.