Wedbush Reiterates Neutral and PT of $36 on Medtronic

Wedbush reiterated its Neutral rating and PT of $36 on Medtronic MDT. In a research report published today, Wedbush states, "We are maintaining our NEUTRAL rating and $36 price target. Our price target represents a multiple of 10x our FY2012 EPS estimate, which is in line with the large-cap med-tech peer group. In our view, there continue to be risks to MDT's absolute performance as the major markets in which the company participates continue to mature. Given the uncertainties facing the sector, we believe MDT should be accorded a group multiple." On Tuesday, Medtronic closed the day at $40.88.