UPDATE: Credit Suisse Upgrades Medtronic to Outperform on Growth Outlook
Credit Suisse upgraded Medtronic (NYSE: MDT) from Neutral to Outperform and raised the price target from $47.00 to $50.00.
Credit Suisse noted, "MDT's F2H13 & F14 growth aspirations indicate increased confidence that the last 2 quarters of ~5% WW CC growth represent sustainable improvement relative to the flattish top-line growth reported in FY11 & FY12 and further suggest that the growth-oriented acquisitions (Peak, Salient, KH) and increased emerging markets focus that have taken place during CEO Omar Ishrak's early tenure with the company are moving MDT in the right strategic direction."
Medtronic closed at $43.94 on Wednesday.
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