UPDATE: Credit Suisse Upgrades Medtronic to Outperform on Leverage to Emerging Markets - Medtronic (NYSE:MDT)

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Credit Suisse raises its rating on Medtronic (NYSE: MDT) from Neutral to Outperform and increases its price from $43 to $44. Credit Suisse notes, "We now see an improving top-line for MDT as achievable expect execution in emerging markets combined with recovery in key developed markets (consistent with F4Q's US ICD results) & tuck-in acquisitions to drive valuation expansion over the next 12 months. Given improving growth prospects, MDT's attractive FCF profile ($4.4B expected in FY13, ~12% implied FCF yield) and valuation (currently trades at 9x our FY14 EPS estimate vs. 5 year NTM average of 12x & trough of 8x), we now feel comfortable upgrading to Outperform from Neutral."MDT closed at $36.82 on Wednesday.

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