Medtronic price target lowered to $100 from $109 at RBC Capital

RBC Capital analyst Brandon Henry lowered his price target on Medtronic to $100 to reflect his lowered FY20 revenue forecast to $31.3B from $31.6B on updated expectations for FX and Cardio Vascular business after its Q4 results and Q1 earnings guidance. The analyst also keeps his Outperform rating on the shares, citing the company’s organic growth outlook of “at least 4%” through FY22. Henry further expects Medtronic’s therapy innovations to contribute about half of the company’s revenue growth.

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