UPDATE: Wolfe Research Starts Medtronic, Inc. (MDT) at Underperform
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Wolfe Research analyst Mike Polark initiates coverage on Medtronic, Inc. (NYSE: MDT) with a Underperform rating, PT $85.00.
The analyst comments "EPS CAGR back 10 years is ~5%. Dividend has yielded about 2%/ year over same period. In a relative-to-rest-of-coverage rating system, difficult to digest that data and conclude other than Underperform. Low multiple, no question, and this tape is drawing people to “cheap”. Dividend yield now 3%. That profile is tempting. However, our gut says “potential value trap”. For now."
Shares of Medtronic, Inc. closed at $91.38 yesterday.
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