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Analysts at Wedbush began coverage on shares of Medtronic (NYSE: MDT) in a research report issued to clients and investors on Thursday, reports. The firm set a “neutral” rating on the stock.

The analysts wrote, “Medtronic is the 800-lb. gorilla in the MedTech sector and under new leadership is starting to show signs of improvement, both on its financial results as well as new product development. However, growing competition, limited near-term growth, and an overextended valuation, are keeping us on the sidelines. We would become more constructive on the stock if Medtronic could demonstrate that the strength it reported in its latest quarter is sustainable over a longer period in light of soft end-user markets, more challenging comps, and competitor product launches. We do not expect meaningful contribution from the U.S. launch of Symplicity renal denervation and CoreValve until the FY16 time frame, at the earliest.”

Medtronic (NYSE: MDT) traded up 0.16% on Thursday, hitting $52.0843. Medtronic has a 52-week low of $35.67 and a 52-week high of $53.83. The stock’s 50-day moving average is currently $48.45. The company has a market cap of $52.918 billion and a price-to-earnings ratio of 15.43.

Medtronic (NYSE: MDT) last posted its quarterly earnings results on Tuesday, May 21st. The company reported $1.10 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.03 by $0.07. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter last year, the company posted $0.99 earnings per share. Medtronic’s revenue was up 3.8% compared to the same quarter last year. Medtronic has set its FY14 guidance at $3.80-3.85 EPS. On average, analysts predict that Medtronic will post $3.84 earnings per share for the current fiscal year.

MDT has been the subject of a number of other recent research reports. Analysts at Piper Jaffray reiterated an “overweight” rating on shares of Medtronic in a research note to investors on Tuesday. They now have a $58.00 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Medtronic in a research note to investors on Friday, May 24th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Medtronic in a research note to investors on Thursday, May 23rd. They now have a $54.00 price target on the stock.

Fifteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $53.18.

Medtronic, Inc. (NYSE: MDT) is engaged in medical technology – alleviating pain, restoring health, and extending life for millions of people worldwide.

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