Argus analyst David Toung lowered the firm’s price target on Medtronic (MDT) to $115 from $125 and keeps a Buy rating on the shares. The management’s move to restructure the company should enable it to focus on its core businesses – Cardiovascular, Neuroscience, and Medical Surgical – that have a combined global addressable market of nearly $100B, while an engagement agreement with activist investor Elliott Management and the appointment of two independent directors is designed to allow greater focus on growth at Medtronic, the analyst tells investors in a research note.
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