Medtronic price target lowered to $85 from $88 at Truist

Truist lowered the firm’s price target on Medtronic to $85 from $88 and keeps a Hold rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For Medtronic however, while Truist expects slight earnings and revenue beats relative to expectations, the stock’s performance will be driven by visibility into operating leverage, investors may not get that this quarter, the firm added.