Northland Securities Keeps a Hold Rating on Medtronic (MDT)

Northland Securities analyst Suraj Kalia maintained a Hold rating on Medtronic (MDTResearch Report) today and set a price target of $88. The company’s shares opened today at $92.40.

Kalia observed:

“We continue to wait for a definitive breakout in key categories in terms of growth. In fairness, Medtronic continues to improve operational efficiencies. Key Points Here are the things to like about the quarter: Approx. 175,000 670G users in the qtr, up from 157,000 in Q3-19 in the U.S. OUS users on the 640G are not known.”

According to TipRanks.com, Kalia is a 5-star analyst with an average return of 11.1% and a 59.4% success rate. Kalia covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Varex Imaging Corporation, and Strata Skin Sciences Inc.

Medtronic has an analyst consensus of Moderate Buy, with a price target consensus of $100.33, implying an 8.6% upside from current levels. In a report issued on May 20, Citigroup also maintained a Hold rating on the stock with a $88 price target.

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Based on Medtronic’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $7.55 billion and net profit of $1.27 billion. In comparison, last year the company earned revenue of $8.14 billion and had a net profit of $1.46 billion.

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