Medtronic Stock Could Soar 29%, According to a Wall Street Analyst. Is the Dividend Champion a Buy Now?
Shares of (NYSE: MDT) responded poorly to the company's latest quarterly results announcement. The market knocked the stock about 5% lower on May 23, but some analysts who follow the medical device manufacturer recognized some positive signals.
Wells Fargo analyst Larry Biegelsen raised the bank's price target on Medtronic by $3 to $105 per share and maintained a positive rating. The new target implies a gain of about 29% from recent prices.
Investors who buy Medtronic now could realize big gains if Biegelsen's prediction comes true. If he's wrong and the stock tanks this year, a legendary dividend program gives shareholders a great chance to come out ahead over the long run.
Source Fool.com