Citi reiterated its Buy rating on Medtronic MDT. At the same time, Citi left its price target unchanged at $49 after Medtronic announced its quarterly results.
In a research report published today, Citi states, "MDT's F4Q11 results weren't as bad as we feared as several new
products gained enough traction to offset a very weak performance in US ICDs. F2012
guidance of $3.43-3.50 was even below our 5/19 reduction, but the conservative
stance was surprisingly well received."
On Tuesday, Medtronic lost 0.92% to close the day at $40.88. Its shares continued to lose ground in today's pre-market trading after falling 0.59% to $40.64.
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