UPDATE: Deutsche Bank Raises PT on Medtronic Following F1Q14 Sales Results

In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Medtronic MDT, and raised the price target from $55.00 to $56.00. In the report, Deutsche Bank noted, “Medtronic's F1Q14 sales were just below the Street estimates while EPS was in line. However, of greater interest to us was management's commentary on the quarterly call regarding its strategy of transforming from a device provider to a global medical technology solutions partner. While we wouldn't disagree that this is a good strategic move, albeit not one without risks, we see it as further evidence of the evolving landscape and more challenging outlook for MedTech. We maintain our Hold rating.” Medtronic closed on Wednesday at $52.68.