Argus analyst David Toung raised his price target on Medtronic to $108 and kept his Buy rating, saying the company delivered strong Q1 sales growth from its Brain Therapies and Pain Therapies segments after divesting its underperforming assets. The analyst adds that the company has been able to offset the impact of tariffs but remains concerned abut the future trade impediments and currency volatility since China is one of its largest international markets. Toung further notes Medtronic’s attractive valuation of 18.6-times his expected FY19 earnings, below the 19.1-times average of his covered med-tech peers.
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