Medtronic a buy on pullback: Piper

Piper likes setup for Medtronic shares after yesterday’s pullback. Piper Jaffray analyst Matt O’Brien attributes yesterday’s pullback in shares of Medtronic to management offering conservative guidance at the investor meeting and delaying the timing for the company’s much anticipated surgical robotic system to fiscal 2020. Medtronic has a “ton of needle-moving new technologies in development,” O’Brien tells investors in a research note. The analyst is confident in a “strong top-line in the coming years” and likes the setup for Medtronic shares after yesterday’s selloff. He keeps an Overweight rating on the stock with a $96 price target.

https://bit.ly/2JoRSVu