Argus keeps a Buy rating and $110 price target on Medtronic while also boosting the firm’s FY24 EPS view by 2c to $5.20 and its FY25 view by 5c to $5.55. The company’s exit for the ventilator product line is a wise decision as it will enable capital reallocations to faster growing and more profitable businesses, the analyst tells investors in a research note. Argus adds that the stock trades at 15.1-times its FY25 EPS estimate, which is below the average multiple of 23.6-times in its coverage universe of med-tech stocks.
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