Piper Jaffray analyst, Brooks West, raised his PT on Medtronic (NYSE: MDT) to $93 from $85 after the company reported F4Q revenue of $7.57B (+6%cc) vs. consensus of $7.49B. EPS of $1.27, was $0.01 above consensus but the Street’s expectation for 300bp of sequential operating leverage fell short .

Management stated that the benefit of FX hedges to the bottom line were rolling off which will result in $0.20-0.25 of EPS benefit from hedging gains in FY16 not repeating in FY17. Additionally, one less selling week in F1Q17 vs. the prior year period would impact FY17 revenue growth by 150bps (~600bp in 1Q17). FX looks to be less of a headwind than expected and FY17 EPS increases 0.05 to $4.64 from $4.59.

Medtronic’s analyst day will be held on Monday, June 6. No change to Overweight rating.

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 $80.48 yesterday.