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Citigroup reiterated its Buy rating on Medtronic
MDT and increased its price target from $47 to $50.
Citigroup said, "We estimate that MDT would garner a 29% share of STJ's CRM sales on an annual basis is Durata is withdrawn from the market, or $238MM. Assuming minimal incremental expenses, we believe these sales would generate a nearly 70% incremental margin or $0.13 in EPS. We have MDT garnering a lower share benefit than BSX on the assumption that customers would be more inclined to reduce their risk of having too much share controlled by one vendor."
Medtronic closed at $43.27 on Friday.
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