UPDATE: J.P. Morgan Reiterates on Medtronic Following Solid 2Q Results

In a report published Wednesday, J.P. Morgan analyst Michael Weinstein reiterated a Neutral rating on Medtronic (NYSE: MDT), and raised the price target from $59.00 to $63.00.

In the report, J.P. Morgan noted, “Medtronic reported solid 2Q results Tuesday, as revenues of $4.194B (+2.4%, +3.3% cc) came in $18M above Street consensus. Sales were buoyed by a strong performance from CRM and Diabetes, offset by weakness in Spine, Neuromodulation, and Endovascular. Organic sales growth was 3.1% in the quarter, basically unchanged from the 3.2% growth Medtronic posted in 1Q but below the average of 4.1% in FY13. On the bottom line, the company reported adjusted EPS of $0.91 (+3.7%), a penny above consensus. Following these results, we are adjusting our estimates for FY14 and beyond.”

Medtronic closed on Tuesday at $57.94.