JMP reiterates Medtronic strong buy

Medtronic Inc. was reiterated at a strong buy with a $72 target price by JMP Securities analyst Robert C. Faulkner, who said the company may be "THE blue-chip diversified health care growth name today." Medtronic has gained substantial market share, even adjusting for Guidant's absence from the market. Jefferies views 15% earnings-per-share growth as achievable beyond 2008, with acceleration possible from spinal discs and a new stent in the fiscal years 2008 and 2009. Earning-per-share estimates for 2006 were raised to $2.23 from $2.22. Shares of the Minneapolis-based biotechnology company were down 39 cents, or 0.68%, at $56.60 on volume of 5,528,000 shares versus the three-month running average of 4,201,920 shares.

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