Citi Lowers PT on Medtronic to $40

Citi is out with its report today on Medtronic MDT, lowering its PT to $46 from $40. In its report, Citi writes, "Our last target price change occurred before the recent market correction which has led to a 15% reduction in the peer group multiple. Hence, our target price drops from $46 to $40. MDT still trades at a sharp discount to its peer group – an 8.5x C2012 P/E vs. 11.3x for large cap med tech – but will likely take a bit longer than we hoped to make up the difference." Citi maintains Buy on MDT. Shares of MDT closed Friday at $31.54, up 1.15% from Thursday's close.