UPDATE: Wunderlich Securities Downgrades Medtronic to Hold, Reiterates $46 PT

In a report published Friday, Wunderlich Securities downgraded its rating on Medtronic

from Buy to Hold, and reiterated its $46.00 price target. Wunderlich Securities noted, “We are downgrading the shares of Medtronic (MDT) from Buy to Hold, as the shares have exceeded our $46 price target. We continue to view Medtronic favorably as an attractive total return vehicle for investors, and the central element of our investment thesis - a developing new product story - continues to take shape and should become increasingly visible in 2014 and beyond. But with MDT shares up 13% in the first three weeks of January and above our price target, we take a more neutral position on the shares at this point. We continue to view MDT as a high quality MedTech player and attractive total return vehicle, but would be more constructive on the name in the low $40s.” Medtronic closed on Thursday at $46.45.