Wedbush Raises Price Target on Medtronic (MDT) to $82 Following 4Q Report
Wedbush reiterated a Neutral rating on Medtronic, Inc. (NYSE: MDT), and raised the price target to $82.00 (from $79.00), following the company's 4Q earnings report. MDT reported revenue of $7,567 million, beating the consensus revenue estimate of $7,479 million and was above the upper end of guidance at 5.5%. Results were driven by the Cardio & Vascular Group and Minimally Invasive Therapies Group.
Analyst Tao Levy commented, "While organic top line growth provides comfort on the health of the underlying demand trends, a significant part of the bull case rests on MDT’s ability to deliver operating leverage and generate higher returns post the Covidien acquisition, and on these latter points, it was not clear how much progress had been achieved. As a result, we maintain our Neutral rating pending better visibility on the company’s operating performance; we expect the upcoming Investor Day on June 6th could provide some clarity."
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Shares of Medtronic, Inc. closed at $80.48 yesterday.