JPMorgan stays Neutral, lifts target on Medtronic

JPMorgan tweaks estimates on Medtronic (MDT) on the heels of the company's FQ2 report.

Analyst Michael Weinstein calls the results "solid" and boosts his price target to $63 from $59.

Neutral rating reiterated.

On the call, Weinstein asked management if they were confident in emerging market reacceleration (emerging market revenue grew just 1.8% sequentially in FQ2), to which CEO Omar Ishrak responded: "I think this quarter we just happened to have a bunch of different regions slow down. Just by coincidence everything happened together. We expect this to rapidly start to reaccelerate, because everywhere I go, the fundamental growth drivers are clearly there." (transcript)

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