Following Monday’s biennial analyst meeting, SunTrust raised its price target on Medtronic plc (NYSE: MDT) to $98 from $93.
Indicating a bullish outlook on their diabetes segment, the analysts believe it's possible for management to hit their projections for double-digit growth in their diabetes franchise. SunTrust believes a focus on type 2 diabetes treatment will pay off, as 90 percent of the diabetic population is diagnosed with type 2.
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Also mentioned is a projected FY2021 cash balance of $28 billion, which SunTrust believes could be used to make deals or buy back shares.
Medtronic shares were flat in Monday’s trading session.