Medtronic downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Shagun Singh downgraded Medtronic to Sector Perform from Outperform with a price target of $89, down from $102. For 2023, The analyst favors medical supply and device stocks with exposure to procedures less likely to be deferred, new product cycles and the ability to win market share. Singh downgraded Medtronic on a lack of outperformance potential relative to peers given its recent disappointment in execution and lost management credibility.