Wedbush Securities Believes Positive FY3Q15 Results Bode Well For Medtronic

In a report published Wednesday, Wedbush Securities analyst Tao Levy reiterated a Neutral rating and $75.00 price target on Medtronic PLC MDT. In the report, Wedbush Securities noted, "Medtronic reported solid FY3Q15 results, surpassing consensus expectations and driven by a healthy cadence of new product launches. While many moving parts remain, initial FY4Q15 guidance (represents the first quarter of combined MDT and Covidien results) appears to be generally in line with expectations, although FX headwinds makes comparing results more difficult. Management expects to provide FY16 guidance next quarter, but based on this quarter's performance (revenues up 7% excluding acquisitions and currency), Medtronic appears well-positioned to deliver on its overall financial objectives of mid-single-digit revenue growth and EPS growth 200-400 basis points faster (excluding currency)." Medtronic closed on Tuesday at $78.07.