UPDATE: Jefferies Reiterates on Medtronic Following Mixed F2Q Results

In a report published Wednesday, Jefferies analyst Raj Denhoy reiterated a Hold rating on

, and raised the price target from $56.00 to $60.00. In the report, Jefferies noted, “Medtronic posted mixed F2Q results, highlighted by a meaningful recovery in ICDs, continued InFUSE freefall, and GM weakness. While progress with key pipeline programs is encouraging with multiple major product launches upcoming, the top-line outlook remains challenging and margin improvement will be more difficult to come by. Given the outlook and full valuation, we remain at Hold.” Medtronic closed on Tuesday at $57.94.