RBC Capital analyst Glenn Novarro raised his price target on Medtronic to $104 and kept his Outperform rating, saying the company’s last 3 quarters have been more consistent while its growth rate is “approaching that of its faster growing peers”. The analyst states that there is room for more multiple expansion for Medtronic in spite of the stock’s 19% year-to-date rally, forecasting “beat-and-raise” results for the rest of FY19. Novarro raises his FY19 EPS view to $5.15 from $5.12 but also lowers his revenue view to $30.4B from $30.6B to reflect a $380M increase in expected FX headwinds from his prior estimate.
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