UPDATE: Deutsche Bank Ups PT to $45 on Medtronic on Top-Line Beat

Deutsche Bank reiterated its Hold rating on Medtronic

and raised its price target from $43 to $45. Deutsche Bank noted, "In F2Q13, Medtronic's sales grew 5% ex-FX driven by the successful launch and share gains in the drug-eluting stent business (which accounted for 1.6%-pts of growth). While sales were better, EPS was in-line with Consensus ($0.01 below our estimate) due mainly to lower gross margins. Medtronic managed the P&L noting it took one-time gains from selling treasuries and minority investments to help offset FX hedging losses. We maintain our Hold rating but we are slightly increasing our PT to $45 from $43 given the more stable top line performance in the quarter and expectations going forward." Medtronic closed at $42,65 on Tuesday.