MDT - Medtronic Stock Is a Sell According to 1 Wall Street Analyst
2024-05-30 16:13:52 ET
One week ago, medical device maker Medtronic (NYSE: MDT) surpassed Wall Street's sales and earnings targets. Despite the earnings beat, and despite giving guidance that mostly matched analysts' expectations, Medtronic stock traded down on the news.
At the time, I said this was the right call because Medtronic's earnings growth simply wasn't strong enough to support the company's rich valuation. On Thursday, Goldman Sachs agreed with me, initiating coverage of Medtronic stock with a sell rating and an $83 price target.
You may have noticed that Medtronic's stock opened the day below $82 a share on Thursday, such that an $83 price target implies the stock will go up this year, not down. And you may wonder why a stock going up deserves a sell rating.
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Medtronic Stock Is a Sell, According to 1 Wall Street Analyst