Citi Reiterates Buy and PT of $49 on Medtronic

Citi reiterated its Buy rating on Medtronic (NYSE: MDT). At the same time, Citi left its price target unchanged at $49 after Medtronic announced its quarterly results.

In a research report published today, Citi states, "MDT's F4Q11 results weren't as bad as we feared as several new products gained enough traction to offset a very weak performance in US ICDs. F2012 guidance of $3.43-3.50 was even below our 5/19 reduction, but the conservative stance was surprisingly well received."

On Tuesday, Medtronic lost 0.92% to close the day at $40.88. Its shares continued to lose ground in today's pre-market trading after falling 0.59% to $40.64.