Citi Maintains Buy on Medtronic

Citi is out with its report today on Medtronic MDT, maintaining Buy. In its report, Citi writes, "We rate the shares of Medtronic Buy/Medium Risk (1M). Medtronic's relative price-to-earnings (P/E) multiple to its large-cap med tech peers is at a 20% discount, versus a ten-year average of a 15% premium. Medtronic looks poised to recapture some of its historical multiple premium behind a new product pipeline that is starting to roll out and will gain traction in the coming quarters." Citi maintains a $40 PT on MDT. At the time of posting, shares of MDT were trading at $34.74, down 0.14% from Monday's close.