Piper Jaffray analyst Brooks West reiterated an Overweight rating and boosted his price target on Medtronic, Inc. (NYSE: MDT) to $83.00 (from $74.00) Wednesday following solid Q2 results and progress on the Covidien deal.

West commented, "
Medtronic reported F2Q15 results with revenues of $4.366B (+5%cc), in-line with PJC $4.369B and consensus $4.370B. All major franchises were essentially in-line with consensus expectations. Adj. EPS was $0.96, in-line with consensus and a penny
below PJC $0.97 but weak GMs again weighed on leverage, resulting in EPS leverage below management’s goal of +200 bps. Most important for both MDT & COV shares, Medtronic reiterated its commitment to its planned acquisition of Covidien and
management is seemingly more bullish on the deal as the planned closing approaches. These comments come on the back of yesterday’s announcement of the record date (November 18) and shareholder vote date (January 6) for shareholder approval of the transaction."

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Shares of Medtronic, Inc. closed at $72.47 yesterday.