BofA/Merrill Lynch Reinstates Medtronic, Inc. (MDT) at Buy

BofA/Merrill Lynch reinstates coverage on Medtronic, Inc. (NYSE: MDT) with a Buy rating and a price target of $75, citing a strong risk/reward.

Analyst Bob Hopkins said it is highly likely the Covidien plc (NYSE: COV) acqusition will close in 3-4 moves and drives the firm's cash earnings estimates for MDT with COV of $4.24, $4.66 and $5.28 for FY2015-2017.

The firm's numbers assumes a January 1st clsoe and assumes that the Treasury's recent anti-inversion notice would prevent MDT from using its OUS cash to finance the proposed COV deal.

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 $63.77 yesterday.

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