Citi Maintains a 'Buy' Rating on Medical Technology Stocks, But Lowers Price Targets
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Citi maintains a 'Buy' rating on Medical Technology Stocks BAX, COV and MDT, but lowers price targets.
Citi analyst says, "Over the past two weeks, med tech has finally been dragged down by the broader market sell off. We still believe med tech is relatively well insulated from the current economic woes and expect another strong overall quarter for the space. In particular, we would focus on Baxter (NYSE: BAX) (Buy), Covidien (NYSE: COV) (Buy), and Medtronic (NYSE: MDT) (Buy)...Updating Targets to Reflect Multiple Compression - With the F12M P/E multiple having recently fallen to 16x for our index of 27 mid-large cap med tech companies, we are revising our target prices as follows: BAX $72 (vs. prior $79), COV $57 (vs. prior $65), and MDT $57 (vs. prior $64)."
Covidien Ltd. (Covidien) is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings.
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