UPDATE: Jefferies Raises PT on Medtronic to $43 (MDT)

Jefferies is out with its report today on Medtronic MDT, raising its price target from $36 to $43. In a note to clients, Jefferies writes, "Our $43 one-year price target (up from $36) is based on 11x our CY2012 earnings forecast. This is in-line with where the shares currently trade on a CY2011 basis, and we do not foresee imminent catalysts for meaningful multiple expansion. Risks include pricing, procedure volumes, and share loss." Jefferies maintains Hold on MDT. At the time of posting, shares of MDT were trading pre-market at $40.18, down 0.07% from Tuesday's close.