Market Report -- Short Stories (MDT)
November 12, 2009 9:43 AM ET
Medtronic initiated with a Neutral at Wedbush Morgan; tgt $42 . Wedbush Morgan initiates MDT with a Neutral and price target of $42 saying the vast majority of MDT's revenue base is tied to mature and maturing product categories. Competition is intensifying, pricing pressures are mounting, and MDT will be hard pressed to gain share in these categories such as ICDs, pacemakers, spinal surgery devices, and external defibrillators that it already dominates. As a result, they expect visibility to decline on MDT's top-line growth rate during the next couple of years.
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