UPDATE: BofA Securities Reinstates Medtronic, Inc. (MDT) at Buy

(Updated - March 2, 2022 5:26 AM EST)

BofA Securities analyst Travis Steed reinstates coverage on Medtronic, Inc. (NYSE: MDT) with a Buy rating and a price target of $135.00.

The analyst comments "With estimates reset for FY23 we see little downside risk to estimates and a company with MDT's mid-single digit growth profile with exposure to the elective recovery could trade around 22x EPS a year from now, in our view, suggesting around 30% upside. MDT's pipeline has had a few visible setbacks recently but at today's valuation this pipeline is not being valued by the Street, in our view, suggesting some upside optionality if MDT's pipeline does bear some fruit. MDT's recent focus on portfolio management provides some additional upside optionality as we have high confidence MDT would be focused on real value creative portfolio adjustments that could free up room on the opex line for MDT to return to 8%+ EPS growth in FY24."

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 $103.66 yesterday.

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