Truist analyst Richard Newitter raised the firm’s price target on Medtronic to $93 from $88 and keeps a Hold rating on the shares. The FDA approval of the company’s 780G pump & Guardian 4 sensor is an incremental positive for the stock that should help re-accelerate growth in Medtronic’s U.S. Diabetes division, which has been under a warning letter since December of 2021, the analyst tells investors in a research note. The firm adds that it is "comfortable" assigning the stock a higher 2024 earnings multiple of 18-times, up from 17-times prior.
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