Needham analyst Michael Matson reiterated a Buy rating on Medtronic (MDT) today and set a price target of $121. The company’s shares opened today at $93.22.
Matson commented:
“F3Q19 revenue and EPS beat consensus and management raised its FY19 organic revenue growth guidance and its FY19 EPS guidance. Organic revenue growth slowed to 4.4% from 7.5% in F2Q19 as MDT faced more difficult comps and saw headwinds in its CVG business. Operating margin was above consensus and up 140 bps Y/Y (50 bps Y/Y CC) due to SG&A leverage from MDT’s Enterprise Excellence initiatives. We reiterate our Strong Buy rating given our expectation of additional upside to consensus and MDT’s discount 18.0x (vs. large-cap peers at 24.4x).”
According to TipRanks.com, Matson is a top 100 analyst with an average return of 13.8% and a 69.4% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Medtronic with a $104.10 average price target, which is an 11.7% upside from current levels. In a report issued on February 14, Oppenheimer also assigned a Buy rating to the stock with a $104 price target.
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Based on Medtronic’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $7.48 billion and net profit of $1.12 billion. In comparison, last year the company earned revenue of $7.37 billion and had a GAAP net loss of $1.39 billion.
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