In a report published Wednesday, Jefferies analyst Raj Denhoy reiterated a Hold rating on Medtronic MDT, and raised the price target from $48.00 to $53.00.
In the report, Jefferies noted, “Medtronic put up a solid F4Q beat driven in part by growth in US ICDs and Spine of all places. Initial F14 guidance of +3-4% cc growth was in line and the outlook remains generally stable with some positive trends in key businesses. Although F4Q had more evidence of a turnaround, underlying markets remain weak, EU still uncertain, R&D returns more a F15 story, and valuation is full. Estimates and PT go higher but rating stays at Hold.”
Medtronic closed on Tuesday at $49.89.
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