Oppenheimer Maintains Outperform on Medtronic

Oppenheimer is out with its report today on Medtronic MDT, maintaining Outperform. In a note to clients, Oppenheimer writes, "We focus on MDT's near- and long-term pipeline, cost savings programs and strong FCF (over 40-50% being returned to shareholders in the form of dividends and stock buybacks). The shares trade at near eight-year lows relative to the S&P 500 and large-cap medtech group. Our $48 target price is driven by DCF and implies a calendar 2012 P/E multiple of 12x, in line with the current year's multiple and a PE/Growth of 1.5x (in line with peers)." At the time of posting, shares of MDT were trading at $40.68, down 0.49% from Tuesday's close.