Medtronic Stock Slammed With UBS Downgrade

Analysts are leaning bearish on the stock in general

Deputy Editor

Mar 29, 2023 at 11:11 AM

UBS hit Medtronic PLC (NYSE:MDT) with a downgrade to "sell" from "buy," with a steep price-target cut to $79 from $127. The firm stated that "despite the company's ongoing transformation, the firm lacks conviction that it can return to sustainable, mid-single digit top-line growth" and added that is has been losing share in some of its highest growth businesses such as diabetes.

At last glance, MDT was down 0.7% at $78.79. Long-term pressure at the descending 200-day moving average helped push the shares lower throughout the month of February. Year-to-date, the equity is up 1.7%.

Of the 30 analysts in coverage, 18 carry a "hold" or worse rating, with 12 a "buy" or better. The 12-month consensus price target of $89 is a 12.6% premium to current levels.

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