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Medtronic (NYSE: MDT) was the recipient of a ratings changes during the seven days:

  • Medtronic was upgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating. They now have a $78.00 price target on the stock, up previously from $64.00.
  • Medtronic was upgraded by analysts at William Blair from a “market perform” rating to an “outperform” rating.
  • Medtronic was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating. They now have a $42.00 price target on the stock, down previously from $66.00. They wrote, “We are upgrading MDT to Outperform (from Neutral) following the planned COV acquisition announced on 6/15. “We are leaving our MDT estimates unchanged pending further review of the transaction, but now believe the earnings accretion likely through the acquisition is not fairly reflected in MDT’s share price. Excluding amortization our estimates imply year 1 / 3 EPS accretion of $0.46 (10%) / $0.88 (17%) assuming $250M/$750M in cost synergies & zero sales synergies. Also, we assume an 18% tax rate in FY16 dropping to 16.5% by FY18. “In terms of financing, we assume MDT shares finance $25.4B of the deal with the rest from cash ($11.5B) & debt ($6.0B) paying 4% interest. Applying a 14X P/E multiple to $0.88 in FY18 EPS accretion & discounting back 3 years at 7.5% implies ~$10 in share price upside. We’re raising our DCF-based price target to $70 from $66 based on a slightly higher assumed terminal growth rate.”
  • Medtronic was upgraded by analysts at Credit Suisse from a “neutral” rating to an “outperform” rating. They now have a $70.00 price target on the stock, up previously from $66.00.
  • Medtronic was upgraded by analysts at RBC Capital from a “sector perform” rating to an “outperform” rating. They now have a $73.00 price target on the stock, up previously from $61.00.
  • Medtronic had its “buy” rating reaffirmed by analysts at Deutsche Bank. They now have a $74.00 price target on the stock, up previously from $70.00.
  • Medtronic was upgraded by analysts at BTIG Research from a “neutral” rating to a “buy” rating. They now have a $73.00 price target on the stock.
  • Medtronic was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating. They now have a $73.00 price target on the stock, up previously from $67.00.
  • Medtronic had its price target raised by analysts at Oppenheimer from $66.00 to $73.00. They now have an “outperform” rating on the stock.
  • Medtronic was upgraded by analysts at Jefferies Group from a “hold” rating to a “buy” rating. They now have a $75.00 price target on the stock, up previously from $60.00.

Medtronic, Inc. (NYSE:MDT) opened at 64.19 on Tuesday. Medtronic, Inc. has a 52 week low of $51.19 and a 52 week high of $65.50. The stock has a 50-day moving average of $61.02 and a 200-day moving average of $59.02. The company has a market cap of $63.918 billion and a P/E ratio of 21.24.

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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