Morgan Stanley Downgrades Medtronic (MDT) to Equalweight

Morgan Stanley downgraded Medtronic, Inc. (NYSE: MDT) from Overweight to Equalweight with a price target of $77.00, citing growth challenges.

Analyst David Lewis commented, "Our thesis is in transition, and we see growth challenges muting any near-term enthusiasm for the longer-term cost story. Recent execution and less compelling macro positioning will make 2017 outperformance harder even though the multiple has contracted below the group. Downgrading to Equal-weight."

For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.

Shares of Medtronic, Inc. closed at $71.23 yesterday.

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