UPDATE: Credit Suisse Upgrades Medtronic to Outperform on Leverage to Emerging Markets

Loading...
Loading...
Credit Suisse raises its rating on Medtronic
MDT
from Neutral to Outperform and increases its price from $43 to $44. Credit Suisse notes, "We now see an improving top-line for MDT as achievable expect execution in emerging markets combined with recovery in key developed markets (consistent with F4Q's US ICD results) & tuck-in acquisitions to drive valuation expansion over the next 12 months. Given improving growth prospects, MDT's attractive FCF profile ($4.4B expected in FY13, ~12% implied FCF yield) and valuation (currently trades at 9x our FY14 EPS estimate vs. 5 year NTM average of 12x & trough of 8x), we now feel comfortable upgrading to Outperform from Neutral." MDT closed at $36.82 on Wednesday.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesPrice TargetPre-Market OutlookAnalyst RatingsCredit Suisse
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...