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UPDATE: Deutsche Bank Raines PT to $45 on Medtronic Following Top-Line Beat

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Medtronic Tops Q1 Estimates
Medtronic Reports Q1 Adj EPS $1.02 Vs Est $1.01, Sales $7.27B Vs Est $7.06B; Sees FY Adj EPS $4.30-$4.40 Vs Est $4.37 & Revs Up 6-8%
The Vetr community has upgraded $MDT to 4.5-Stars. (Vetr)

Deutsche Bank reiterated its Hold rating on Medtronic (NYSE: MDT) but increased its price target from $43 to $45.

Deutsche Bank noted, "Top line beats, but EPS in line; Maintain Hold. In F2Q13, Medtronic's sales grew 5% ex-FX driven by the successful launch and share gains in the drug-eluting stent business (which accounted for 1.6%-pts of growth). While sales were better, EPS was in-line with Consensus ($0.01 below our estimate) due mainly to lower gross margins. Medtronic managed the P&L noting it took one-time gains from selling treasuries and minority investments to help offset FX hedging losses. We maintain our Hold rating but we are slightly increasing our PT to $45 from $43 given the more stable top line performance in the quarter and expectations going forward."

Medtronic closed at $42.75 on Wednesday.

Latest Ratings for MDT

DateFirmActionFromTo
Sep 2015Cowen & CompanyMaintainsOutperform
Aug 2015Credit SuisseAssumesOutperform
Jul 2015BTIG ResearchUpgradesNeutralBuy

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