Medical device maker Medtronic, Inc. ( MDT ) on Tuesday saw its rating cut by analysts at Goldman Sachs.
The firm said it downgraded MDT from "Buy" to "Neutral" with a $37 price target, suggesting a 19% upside to the stock's Monday closing price of $31.07.
Goldman Sachs noted that analysts will likely soon cut earnings estimates for MDT, which presents a less favorable risk/reward scenario.
Medtronic shares rose 16 cents, or +0.5%, in premarket trading Tuesday.
The Bottom Line
Shares of Medtronic ( MDT ) have a 3.12% dividend yield, based on last night's closing stock price of $31.07. The stock has technical support in the $25-$29 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.
Medtronic, Inc. ( MDT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
Created by Dividend.com
Latest Markets Videos
- The $12 Trillion "Once-in-a-Lifetime" Market Opportunity Investors Won't Want to Miss
- J.P. Morgan Says These 3 Stocks Could Surge Over 100% From Current Levels
- Forget Tesla's Battery Day, These EV Stories Are More Important
- ChargePoint, Switchback Energy Acquisition Enter Business Combination Agreement