Jefferies Upgrades Medtronic, Inc. (MDT) to Buy

Jefferies upgraded Medtronic, Inc. (NYSE: MDT) from Hold to Buy with a price target of $75.00 (from $60.00).

Analyst Raj Denhoy said, "While it is being couched in many ways, freer access to cash is the chief benefit for investors in the Covidien acquisition. However with increased scrutiny around such deals in Washington, passage of legislation on inversions is the biggest risk. Even with the current risk accounted for and assuming investors move to cash earnings, upside is compelling and we upgrade to Buy with a $75 PT."

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 $64.67 yesterday.

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