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UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Medtronic on FY3Q13 Revenue

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In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Medtronic (NYSE: MDT), and raised its price target from $50.00 to $52.00.

BMO Capital Markets noted, “Medtronic's FY3Q13 revenue was in line, EPS beat, and management reiterated guidance. In FY3Q13, Medtronic delivered revenue of $4.03B (up 2.8%; up 3.8% ex-fx), in line with the consensus estimate including ICD sales of $654 million that were a bit below the consensus' $668 million (we estimate MDT held share at 44.8% y/y) while other revenue components were either essentially in line or somewhat better than expected (e.g., pacemaker sales were $459 million versus consensus' $448 million). EPS of $0.93 beat our consensus-matching $0.91.”

Medtronic closed on Tuesday at $45.80.

Latest Ratings for MDT

DateFirmActionFromTo
Jun 2016SunTrust Robinson HumphreyMaintainsBuy
Jun 2016Guggenheim SecuritiesInitiates Coverage onNeutral
Jun 2016Deutsche BankMaintainsBuy

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