Medtronic (MDT) PT Cut To $104 At Barclays

Medtronic (NYSE: MDT)
Barclays analyst, Kristen Stewart, reiterated her Overweight rating on shares of Medtronic, Inc. (NYSE: MDT) and cut her price target to $104 from $113 after the company announced that it expects sales to be at the mid-point of its full year range of 5.0%-5.5% growth versus at the high end. The reason for the miss is slower growth in the Cardiac & Vascular group (CVG).

The analyst stated "Medtronic is experiencing softness in its left ventricular assist device business as well as cautiousness around drug coated balloons following a journal article that raised some questions on safety (of DCBS in general)". "Key risks include new product approvals, adverse FX rates (stronger us dollar), competitive product launches, regulatory actions, changes in reimbursement, successful integration, and dilutive M&A".

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 $82.48 yesterday.

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