Medtronic, Inc. (MDT) PT Lowered to $98 at Citi

Citi analyst Joanna Wuensch lowered the price target on Medtronic, Inc. (NYSE: MDT) to $98.00 (from $103.00) while maintaining a Buy rating.

The analyst comments "This was a quarterly report where many things seemed to go right for Medtronic: 1) FY4Q25 revenue $8.93B (up 5.4% y/y organic) bested consensus’s $8.81B; 2) operating margins expanded to 27.8% from 26.9% y/y, with EPS of $1.62 (up 15.8% y/y) ahead of consensus’s $1.58; and 3) it announced the spinout of its Diabetes franchise, streamlining the company. For FY26E, management guided organic revenue growth of ~5%, translating to $35.2B-$35.3B (above consensus’s $35.04B), and EPS of $5.50-$5.60 (below consensus’s $5.82), with the lower end assuming U.S.-China tariffs resume at higher rates post-90 day pause. Medtronic continues to evolve, through new product introductions such as PFA and renal denervation, and now with the Diabetes spin. Overall, we are encouraged by the quarter, the guide (which we view as a good place to start), and the portfolio management (especially if they reinvest through stock repurchases and tuck-in M&A); reiterating our Buy rating."

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