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Prudential Lowers Medtronic to 'Hold'

Prudential downgraded Medtronic (MDT) to hold from buy.

Analyst Robert Faulkner says the downgrade is due to valuation in the context of decelerating revenue growth and the increasing potential that this benchmark name will be subject to sector rotation. He notes he's not predicting a shortfall, but to maintain his buy rating, his target would have to be $62, up 15%, or 33 times his $1.87 fiscal 2005 (April) earnings per share estimate.

Also, Faulkner is moving the sector to market perform, as he says the Implantable Cardioverter-Defibrillator (ICD) growth cycle has peaked, a major driver, and rotation remains a distinct possibility.

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