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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MDT:
- SMART data a ‘modest win’ for Medtronic, says Jefferies
- Medtronic reports ‘positive’ trial, safety results from study of Sphere-360
- Piper says competitive process could materialize for ShockWave
- Medtronic announces FDA approval for Evolut FX+ TAVR
- Medtronic moves for patent infringement litigation with Axonics to resume
