Truist Cuts Medtronic (MDT) Price Target, Sees Stable Q1 Performance

Medtronic plc (NYSE:MDT) is included among the 10 Healthcare Stocks with Highest Dividends.

Truist Cuts Medtronic (MDT) Price Target, Sees Stable Q1 Performance

On April 15, Truist analyst Richard Newitter lowered the firm’s price target on Medtronic plc (NYSE:MDT) to $95 from $103 and kept a Hold rating on the shares. The update came as part of a broader Q1 preview for MedTech.The analyst said Q1 performance is expected to come in line with, or slightly better than, what current investor sentiment suggests around volumes. There is some caution in the market, but the underlying expectations appear more stable. Truist also noted that the stock’s discount could narrow. The reasoning is straightforward. The company is now one quarter closer to potential revenue accelerants. At the same time, it will need to show faster revenue and EPS growth to support higher valuation multiples over the long term.

On April 13, Mizuho also updated its view on the company. It lowered its price target on Medtronic to $120 from $125 and kept an Outperform rating on the shares. The firm adjusted estimates and targets across several names in medical devices and diagnostics ahead of Q1 earnings.

Medtronic plc (NYSE:MDT) is based in Ireland and provides healthcare technology solutions. Its business is organized across four main segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes.

While we acknowledge the risk and potential of MDT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MDT and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 14 Value Stocks with Highest Dividends and Early Retirement Portfolio: Top 15 Stocks to Buy

Disclosure: None. Follow Insider Monkey on Google News.