Brean Murray Carret Cuts Price Target on Medtronic (MDT) But Remains Bullish

Brean Murray Carret & Co. is reaffirming its Buy rating on shares of Medtronic, Inc. (NYSE: MDT) and is lowering its price target from $44 to $42.

The firm highlights that not only were the company's Q2 results above expectations, the two areas of concern, ICDs and Spine/Biologics, both topped the Street's consensus. The other 60 percent of the company grew 8 percent.

During the conference the CEO reiterated its growth plan and the firm left felling extremely encouraged given the combination of the results and talk. Brean Murray Carret believes conviction that management will be able to deliver FY12 expectations will increase over time although there are no major catalysts in the near-term.

The firm is maintaining its Q3 and FY12 EPS estimates of $0.84 and $3.47, but is reducing its FY13 estimate from $3.87 to $3.80.

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 $34.75 yesterday.

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