BTIG downgraded Medtronic, Inc. (NYSE: MDT) from Buy to Neutral. Analyst Sean Lavin sees valuation as full and he noted disappointing margins.

"Foremost, at ~$80 we feel valuation is full and no longer see 15% upside over the next 12 months. We also feel recent OM misses put pressure on our forward EPS estimates and provide less potential upside for shares. While we expect significant rev growth, especially for a company of MDT’s size, we feel investors may let the multiple slide if OMs don’t improve," said the analyst.

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.