Barclays analyst Kristen Stewart lowered her price target for Medtronic to $104 saying management yesterday made some cautious commentary on the near-term sales outlook and recent tax regulation proposals. It seems that Medtronic “is a bit two steps forward and now one step back,” Stewart tells investors in a research note. The analyst, who is not surprised by the 6.5% selloff yesterday, keeps an Overweight rating on the shares, citing valuation and Medtronic’s longer term growth prospects with its pipeline.
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