Piper Jaffray Assumes Medtronic, Inc. (MDT) at Overweight

Piper Jaffray assumes coverage on Medtronic, Inc. (NYSE: MDT) with a Overweight rating and a price target of $90.00.

Analyst Matt O'Brien comments "While there are risks to monitor here (slower end markets and share erosion in certain areas), we do not believe the stock reflects the company’s upcoming product cycle, which we view as quite strong. Further, we believe there is considerable margin expansion in front of the company, to go along with some of the best FCF in all of med tech (and a very strong balance sheet to boot for dividend payments and other shareholder friendly activities). Collectively, we believe the company can beat expectations on the top- and bottom lines in the coming quarters, which, along with a discounted multiple versus the peer group, sets shares of MDT up to outperform, in our opinion, other large cap med tech names."

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 $80.59 yesterday.

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