Piper Jaffray Reiterates Overweight, $40 Target on Medtronic

Piper Jaffray maintains its Overweight rating and $40 target price on Medtronic

as EPS for Q3 was reported in line despite soft revenues due to weakness in spine and ICD. Piper Jaffray says, "Medtronic reported Q3:F12 results with revenue of $3.92B (+2%, +1% cc) vs. consensus of $4.02B. EPS totaled $0.84 compared to expectations for $0.84. Reversing Q2, MDT's revenue performance missed expectations in CDRM (in both ICDs and Pacers) and spine, which may pressure the group today." MDT closed at $39.94 a share on Friday.