Analyst Josh Jennings of TD Cowen maintained a Buy rating on Medtronic, retaining the price target of $106.00.
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Josh Jennings has given his Buy rating due to a combination of factors that suggest Medtronic is poised for strong performance. The company is expected to report solid second-quarter results, with anticipated earnings per share likely to meet or surpass expectations. This optimism is driven by Medtronic’s consistent ability to exceed earnings forecasts, having outperformed the market’s EPS estimates for the past 13 quarters.
Additionally, Medtronic’s projected organic revenue growth aligns closely with previous quarters, and the company is expected to either meet or exceed the revenue targets set by analysts. Despite ongoing discussions about the valuation of its Diabetes unit, this has not significantly impacted the stock. Furthermore, advancements in areas like pulsed field ablation and other emerging technologies are expected to contribute positively to Medtronic’s share price.
In another report released on November 11, Bank of America Securities also maintained a Buy rating on the stock with a $100.00 price target.