Medtronic stock price target raised to $100 from $98 at Wells Fargo

Investing.com - Wells Fargo (NYSE:WFC) raised its price target on Medtronic , Inc. (NYSE:MDT) to $100 from $98 while maintaining an Overweight rating on the medical device maker’s stock. According to InvestingPro data, the stock is currently trading near its 52-week high of $96.25, with a P/E ratio of 24.8x.

The price target increase follows Medtronic’s fiscal first-quarter results, which showed organic growth of 4.8%, in line with consensus estimates and within the company’s guidance range of 4.5-5.0%.

Medtronic reported first-quarter revenue of $8.6 billion, exceeding both consensus and Wells Fargo estimates of $8.4 billion, while earnings per share came in at $1.26, surpassing the consensus estimate of $1.23 and the company’s guidance of $1.22-$1.24.

Wells Fargo attributed the earnings beat to higher revenue, improved gross margin, and a lower tax rate, which were partially offset by higher operating expenses.

The firm also noted that activist investor Elliott Management’s involvement with Medtronic is viewed positively, citing Elliott’s recent successful track record in the healthcare sector with companies like Cardinal Health (NYSE:CAH) and Charles River Laboratories.

In other recent news, Medtronic reported fiscal first-quarter 2026 results that surpassed analyst expectations, with revenue reaching $8.578 billion, an 8.4% year-over-year increase. The company also posted adjusted earnings per share of $1.26, exceeding the anticipated $1.23. Despite these positive results, BTIG maintained a Neutral rating on the stock, while TD Cowen reiterated a Buy rating with a $106 price target. Evercore ISI raised its price target for Medtronic to $107, citing organic growth that met expectations, although the Neuroscience division faced some challenges. Stifel increased its price target from $87 to $90, maintaining a Hold rating due to growth catalysts. Additionally, Mizuho (NYSE:MFG) reaffirmed an Outperform rating with a $100 price target, highlighting productive discussions with activist investor Elliot Management. Plans to spin off Medtronic’s Diabetes business remain on track, with strategic alignment between the company and Elliot. These developments reflect a range of analyst perspectives on Medtronic’s recent performance and strategic direction.

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