Medtronic’s price target raised at JPM

 

• Reiterating its Overweight rating, J.P. Morgan has raised the price target for Medtronic (NYSE:MDT), citing the new CEO, operating model, and the robust product pipeline.
• The analysts led by Robbie Marcus think, ‘all the pieces are in place for Medtronic to deliver a strong 2021,’ lifting the price target for 2021 to $130 from $122 based on a calendar P/E multiple, in line with large-cap MedTech peers.
• Medtronic has witnessed its quarterly revenue contracting for three consecutive quarters, and no surprise, the shares have remained flat over the past 12-month period compared to a +14.8% gain in the S&P 500 Index.
• Last week Morgan Stanley predicted a MedTech recovery following the COVID-19 related disruption, upgrading Medtronic to overweight rating, while Wells Fargo projected sector growth to accelerate in 2H 2021.
• https://seekingalpha.com/news/3647112-medtronic-s-price-target-raised-jpm