Medtronic price target raised to $84 from $78 at Truist

Truist raised the firm’s price target on Medtronic to $84 from $78 and keeps a Hold rating on the shares. The company reported a “solid” Q2 earnings beat and raise with a third consecutive quarter of delivering mid-single-digit top-line and “modest” EPS upside, though results likely cleared an “admittedly low bar”, the analyst tells investors in a research note. Medtronic’s new product cadence heading into the second half of FY24 and FY25 should support sustained mid-single-digit organic growth, Truist adds, noting that it has also increased its FY25 organic revenue and EPS estimates.