TD Cowen analyst Josh Jennings reiterated a Buy rating on Medtronic (MDT – Research Report) today and set a price target of $95.00.
Josh Jennings has given a Buy rating to Medtronic due to a combination of factors that suggest a promising outlook for the company. The firm’s financial performance in the third fiscal quarter exceeded expectations, with organic sales growth surpassing projections. Medtronic’s revised guidance for fiscal year 2024 indicates continued organic growth and an increase in expected earnings per share, which supports a positive view on the stock. Additionally, the decision to exit the ventilator business is not anticipated to negatively impact earnings per share, which contributes to the analyst’s confidence in the company.
The increased price target to $95 reflects a valuation of 16.25 times the estimated fiscal year 2026 earnings per share of $5.85, implying a strong future performance. Medtronic’s recent quarterly results showed robust growth across its divisions, with notable outperformance in the cardiovascular and diabetes segments. The improved gross and operating margins, along with earnings per share beating both consensus estimates and the company’s own guidance, further underpin the analyst’s optimistic assessment. With the upward revision of both sales and EPS guidance for fiscal year 2024 and the strategic move regarding the ventilator product line, the firm’s financial outlook appears robust, justifying the Buy rating.
In another report released today, Evercore ISI also maintained a Buy rating on the stock with a $100.00 price target.
See the top stocks recommended by analysts >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Medtronic (MDT) Company Description:
Founded in 1949, Medtronic Plc, a medical technology company, develops, manufactures, distributes, and sells device-based medical therapies and services worldwide. It operates through four segments, including Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group. The company is headquartered in Dublin, Ireland.
Read More on MDT:
