UPDATE: JP Morgan Upgrades Medtronic to Overweight

In a report released Monday, J.P. Morgan analyst Michael Weinstein upgrades Medtronic MDT from Neutral to Overweight. The firm's Michael Weinstein boosted his price target on Medtronic shares from $64 to $78. Medtronic is currently in the process of acquiring Covidien COV for cash and stock. Weinstein highlighted three reasons why the acquisition creates shareholder value:
  • Medtronic acquires access to Covidien's cash;
  • tax rate lowered; and,
  • current capital allocation sustained.
Medtronic shares have declined slightly Monday, trading around $60.30, while shares of Covidien have surged nearly 20 percent to around $86.30.
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