Piper Jaffray Maintains Overweight Rating On Medtronic

According to Piper Jaffray, Medtronic (NYSE: MDT) Overweight rating is maintained.

Piper Jaffray said that Medtronic reported Q4:F11 results with revenue of $4.295B (+2%) vs consensus of $4.290B. “EPS totaled $0.90 compared to expectations for $0.93. ICDs and spine were again weak, offset by steady performance across the rest of the portfolio. We maintain our Overweight as shares remain cheap, but understandably lack a catalyst in front of the arrival of a new CEO on June 13.”

Medtronic closed yesterday at $41.26.