Deutsche Bank Reiterates Buy on Medtronic

Deutsche Bank reiterated its Buy rating on Medtronic MDT after the company announced its quarterly results. In a research report published today, Deutsche Bank states, "F4Q sales were in line but EPS of $0.90 was $0.02 below First Call Cons and $0.03 below implied guidance due to Greece write-down ($0.01), minority inv write-offs ($0.01), and an ICD shortfall partially offset by other businesses and expense controls. FY12 guidance was disappointing on the surface, but after reviewing the assumptions seems achievable and leaves opportunity for upside. Given the valuation, new products, and new CEO, we continue to rate MDT Buy." At the moment, Deutsche Bank has a price target of $46 on Medtronic. On Tuesday, Medtronic lost 0.92% to close the day at $40.88. Its shares continued to slide in today's pre-market trading as well, falling 0.59% to $40.64.