UPDATE: Piper Jaffray Reiterates on Medtronic

In a report published Wednesday, Piper Jaffray analyst Brooks West reiterated an Overweight rating on

and raised the price target from $58.00 to $68.00. In the report, Piper Jaffray says "Medtronic delivered 3.3% cc revenue growth in F2Q14 (Oct) with revenue of $4.194B topping consensus expectations of $4.180B and EPS of $0.91 beating consensus $0.90 by a penny. Revenue growth was led by a strong rebound in ICD sales, up 4% cc, as sell through of next generation Viva CRT-Ds and Evera ICDs made up for reported weakness due to launch cadence in F1Q. With key recent US launches in MDT's Diabetes and Neuro franchises and improving core markets offsetting weakness in Spine, we believe MDT can reach or exceed the high-end of its 3-4% cc revenue guidance, setting the company on a mid single-digit growth trajectory with multiple key product launches on the horizon in FY15. Reiterate OW rating and raising PT to $68." Medtronic closed on Tuesday at $57.94.