UPDATE: Jefferies Raises PT on Medtronic Following Solid F4Q Beat

In a report published Wednesday, Jefferies analyst Raj Denhoy reiterated a Hold rating on Medtronic (NYSE: MDT), and raised the price target from $48.00 to $53.00.

In the report, Jefferies noted, “Medtronic put up a solid F4Q beat driven in part by growth in US ICDs and Spine of all places. Initial F14 guidance of +3-4% cc growth was in line and the outlook remains generally stable with some positive trends in key businesses. Although F4Q had more evidence of a turnaround, underlying markets remain weak, EU still uncertain, R&D returns more a F15 story, and valuation is full. Estimates and PT go higher but rating stays at Hold.”

Medtronic closed on Tuesday at $49.89.