Wells Fargo & Co. (NYSE: WFC) Downgrades Medtronic (NYSE: MDT)

Wells Fargo & Co. (NYSE: WFC) Downgrades Medtronic (NYSE: MDT)

Wells Fargo & Co. (NYSE: WFC) analysts downgraded shares of Medtronic (NYSE: MDT) from “Outperform” to “Market Perform” and cut its valuation range from $49-$51 to $33.00 to $23.00 citing deteriorating trends in its market.

Medtronic, Inc. (Medtronic) is a medical technology company. The Company is engaged in research, design, manufacture and sale of products to alleviate pain, restore health and extend life. It manufactures and sells device-based medical therapies. It operates in seven segments: Cardiac Rhythm Disease Management, Spinal, CardioVascular, Neuromodulation, Diabetes, Surgical Technologies and Physio-Control. Its primary customers include hospitals, clinics, third party healthcare providers, distributors and other institutions, including governmental healthcare programs and group purchasing organizations. In April 2010, the Company completed the acquisition of Invatec, S.p.A., a developer of medical technologies for the interventional treatment of cardiovascular disease.

Shares of MDT traded up 1.92% hitting $31.81 during mid-day trading on Wednesday.

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