Better operational revenue growth prompted the price increase of the Minneapolis-based medical technology company, analysts said.
"F2Q operational revenue growth of 5% was the best in recent memory, driven by core market stabilization, strong contribution from new products, and EM acceleration - with FY15 tracking to the high end of guidance though FX will be a bigger hit to reported numbers," analysts said.
"Covidien remains on track to close in early 2015 with pro forma targets firmly intact," analysts added.
Shares of Medtronic closed up 4.74% at $72.47 yesterday.
Separately, TheStreet Ratings team rates MEDTRONIC INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MEDTRONIC INC (MDT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."