Truist Securities lifted the price target on Medtronic to $125 (20% upside potential) from $105 and maintained a Buy rating, following upbeat 1Q results.
Truist Securities analyst Kaila Krum said that Medtronic’s (MDT) results “were relatively in-line with what we have heard from other medical technology companies, with results steadily improving from a bottom in March/April. While investor focus is rightfully on the ongoing management of COVID-19, we feel the company is steadily improving execution and setting up a pipeline with multiple large shots on goal that could see Medtronic growth accelerate on the other side of the pandemic.”
On Aug. 25, the medical device maker delivered 1Q sales of $6.51 billion, topping analysts’ estimates by $1.03 billion as hospitals are gradually starting to resume elective surgeries after some COVID-19 restrictions were eased. Earnings of $0.62 exceeded the Street estimate by $0.44 per share. (See MDT stock analysis on TipRanks).
Currently, Wall Street analysts have a bullish outlook on the stock. The Strong Buy analyst consensus is based on 13 Buys and 4 Holds. The average price target of $115.33 implies upside potential of about 11%. Shares are down about 8.3% year-to-date.
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