Medtronic target upped by Piper

Medtronic price target raised to $96 from $90 at Piper Jaffray. Piper Jaffray analyst Matt O’Brien raised his price target on Medtronic to $96 after its Q4 earnings beat, saying the constant currency revenue growth was evident across geographies and segments, while operating margins expanded by 50bps. The analyst adds that the business has “solid momentum” after consecutive quarters where organic growth topped 6.5%. O’Brien further notes that the “meaningful” product cycle ahead also makes the valuation discount on the stock relative to its peer group “unwarranted”. The analyst keeps his Overweight rating on Medtronic

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