Citi upgrades Medtronic with growth drivers coming into view

Citi analyst Joanne Wuensch upgraded Medtronic (MDT) to Buy from Neutral with a price target of $107, up from $92. The stock initially fell 7% post the Q4 earnings report but has since largely recovered as the company’s growth drivers come into view, the analyst tells investors in a research note. The firm says the next catalyst for the stock will likely be the fiscal 2026 guidance delivered in May, “when these growth drivers are anticipated to ramp more meaningfully.” As investors “do their homework” on renal denervation, and many look for more “value” names with a catalyst, Medtronic will trade well, contends Citi.