Medtronic Gets Boost from Royal Bank of Canada as 'Outperform' Rating Stands

Medtronic (NYSE:MDT) has had its 'outperform' rating reaffirmed by equities research analysts at Royal Bank Of Canada, according to a research note issued on Wednesday. This rating comes with a target price of $118.00, indicating a potential upside of 28.37% from the company's current price.

This is not an isolated opinion - nineteen research analysts have rated Medtronic with a 'Buy' rating and nine have given it a 'Hold' rating. The consensus rating is 'Moderate Buy', with a target price of $102.36. Analysts at Royal Bank Of Canada are optimistic about the company's prospects, citing strong demand for cardiovascular devices, newer growth platforms, and improved margins.

Medtronic has reported solid quarterly earnings results, topping analysts' consensus estimates of $1.39 per share with adjusted EPS of $1.45. Revenue rose 13.7% year over year to $9.76 billion, exceeding estimates of approximately $9.55 billion. The company has also raised its full-year guidance, increasing organic revenue-growth guidance to 7.25%-7.75% and adjusted EPS guidance to $5.94-$6.00.