Buy Medtronic (MDT) Weakness, Says Deutsche Bank

Deutsche Bank earlier reiterated a Buy rating on Medtronic, Inc. (NYSE: MDT) with a price target of $90. Analyst Kristen Stewart said investors should buy weakness.

The analyst explained, "We continue to rate MDT a Buy. Why? We see a number of recently and to-be launched products should sustain at least mid single digit sales constant currency growth. There are several catalysts including medical conference (SAGES, ACC), investor briefings, and notably the June 6 Analyst Day that should reinforce this view. The leverage is coming through and cost savings with the Covidien, but FX is masking it. MDT now trades at a slight discount to the market and some of its peers despite more predictable sales and EPS, and superior cash flow profile as we view its Irish domicile worthy of a premium."

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 $77.39 yesterday.

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