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Oppenheimer Boosts Price Target for Medtronic; Multiples Expanding (MDT)

By Dividend.com,  October 08, 2012, 09:15:28 AM EDT

Medical device maker Medtronic, Inc. ( MDT ) on Monday received some continued bullish support from analysts at Oppenheimer & Co.

The firm reiterated its "Outperform" rating on MDT and lifted its price target from $45 to $48. That new target suggests a 7.5% upside to the stock's Friday closing price of $44.67.

Oppenheimer said it made the move based on recent peer-group multiple expansion.

Medtronic shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Medtronic ( MDT ) have a 2.33% dividend yield, based on Friday's closing stock price of $44.67. The stock has technical support in the $40-$41 price area. If the shares can firm up, we see overhead resistance around the $47-$48 price levels.

Medtronic, Inc. ( MDT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: MDT



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