Medical device maker Medtronic, Inc. ( MDT ) on Wednesday saw its coverage initiated with a "Buy" rating by analysts at Brean Murray Carret & Co.
The firm also set a $44 price target on MDT, which suggests a 15% upside to the stock's Tuesday closing price of $38.40.
A Brean Murray analyst commented, "While 'concise' catalysts are lacking, we think the next few quarters will bring more, not less, conviction in the company's ability to meet or exceed FY12 models and refocus investors and real progress in a number of meaningful, exciting new product areas."
Medtronic shares were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of Medtronic ( MDT ) have a 2.34% dividend yield, based on last night's closing stock price of $38.40. The stock has technical support in the $34-$36 price area. If the shares can firm up, we see overhead resistance around the $40-$43 price levels.
Medtronic, Inc. ( MDT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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