UPDATE: Citigroup Maintains Buy Rating, Lowers PT for Medtronic

In a company update published earlier today, Citigroup Inc. maintained its Buy rating for Medtronic, Inc.

and slightly lowered its price target from $48.00 to $47.00. Citigroup went on to say “Medtronic's relative price-to-earnings (P/E) multiple to its large-cap med tech peers is at a 20% discount, versus a ten-year average of a 15% premium. Medtronic looks poised to recapture some of its historical multiple premium behind a new product pipeline that is starting to roll out and should gain traction in the coming quarters. Short term, challenging markets in ICDs, stents, and spinal implants should offset some of the pipeline gains and we now expect Medtronic's ability to outgrow its peers to take a year longer and start in F2013.” Medtronic, Inc. closed yesterday at $38.03.