UPDATE: Bank of America Raises Medtronic's PT

According to a research report published earlier today, Bank of America has increased Medtronic's

PT from $42 to $45. In the report, Bank of America commented, “We visited MDT's corporate headquarters in Minneapolis this week and spent time with MDT's CEO, CFO and cardiovascular group President. We note three key takeaways, [but] overall we think sentiment is overly negative on MDT for several reasons. Post ACC and our meetings we are raising our PO to $45 (11.5x 2013E) from $42 on increased conviction that growth rates will improve.” Bank of America maintains its Buy rating on Medtronic, which closed yesterday at $38.26.