Will These Analyst Calls Help Medtronic Inc. (MDT) Stock Today?

NEW YORK (TheStreet) -- Medtronic Inc. (MDT) stock has received several upgrades from analyst firms Tuesday, following its proposed cash-and-stock deal to purchase Covidien (COV) a day earlier. 

Morgan Stanley upgraded to "overweight" from "equal-weight" with a $73 price target, noting the acquisition will drive big returns. 

RBC Capital upgraded to "outperform" from "sector perform" with a $73 price target. Analysts said the deal makes both financial and strategic sense. 

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BTIG upgraded to "buy" from "neutral" with a $73 price target, arguing Covidien is a premium asset and a good use of the company's cash. 

Credit Suisse upgraded to "outperform" from "neutral" with a $70 price target. Analysts said the purchase should add to earnings. 

Medtronic shares stumbled following the announcement, closing Monday's session 1.1% lower to $60.03 on heavy trading volume. The company said it had agreed to purchase Covidien for $42.9 billion. 

Must read: Warren Buffett's 25 Favorite Stocks

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