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JP Morgan Upgrades Medtronic to 'Buy'

JP Morgan upgraded Medtronic (MDT) to buy.

Analyst Michael Weinstein says fourth quarter results were strong as the top line exceeded expectations across each division, with the most impressive results seen in Cardiac Rhythm Management (CRM). S&P views Medtronic as a major beneficiary of the re-accelerating market for implantable CRM devices. He says his above consensus forecast calls for 14-15% growth for 2002, following less than 8% growth in 2001.

He notes driving growth is the rejuvenated ICD market, and robust early adoption of resynchronization devices for heart failure. Weinstein bumped his $1.41 fiscal 2003 (April) earnings per share estimate to $1.43, and upped the $1.65 fiscal 2004 to $1.67. He has a $57 12-month target.

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