Wunderlich Securities Initiates Coverage Of Medtronic With Buy Rating

According to Wunderlich Securities, Medtronic (NYSE: MDT) coverage is initiated with a Buy rating.

Wunderlich Securities reported that it is initiating coverage of Medtronic, Inc. (MDT) with a Buy rating and a $46 target. “MDT remains the world's largest pure-play medical device company, with leading share in several key markets. We believe MDT shares offer an attractive total return vehicle. However, with MDT shares having underperformed for more than a decade, the board of directors recently orchestrated the second forced management change in less than four years. We believe a new CEO will be named soon, which could offer a near-term catalyst for the shares. We believe investors can enjoy solid total returns with MDT shares, with opportunity for upside if a new CEO takes aggressive action to improve shareholder value.”

Medtronic closed yesterday at $39.87.