Medtronic price target lowered to $98 from $104 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Medtronic to $98 from $104 and keeps an Overweight rating on the shares. Despite a lower target, the firm thinks Q2 “checked most of the boxes” to continue Medtronic’s strong start to FY24, though investor focus may shift more to the company’s FY25-plus profitability outlook at this stage, the analyst tells investors.