Wells Fargo Downgrades Medtronic, Inc. (MDT) to Market Perform, Guidance Looks Aggressive
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Wells Fargo downgraded Medtronic, Inc. (NYSE: MDT) from Outperform to Market Perform with a price target of $83.00 (from $93.00).
Analyst Larry Biegelsen says the product cycle is hitting a lull and sees headwinds from a plethora of competitive challenges in cardiac/vascular group, softness in diabetes, as wells as spinal cord stimulation/deep brain stimulation headwinds. Furthermore the analyst suspects the company guidance for cardiac vascular group business is aggressive.
Shares of Medtronic, Inc. closed at $79.81 Friday.
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