Medtronic (MDT) is offering an attractive entry point following an
"overblown" reaction to its top-line fiscal Q3 miss and reiterated guidance, RBC Capital Markets said in a Tuesday note.
"Investor reaction to FQ3 results and latest guide appear overblown," RBC analysts, including Shagun Singh, said.
They said catalysts such as the Symplicity Spyral Renal Denervation System and surgical robotics keep them positive.
"We are buyers on weakness," the analysts said. "MDT's steep discount to the market is still not justified in our view."
RBC kept its outperform rating and $105 price target.
Price: 86.23, Change: +0.16, Percent Change: +0.18
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