70/100BMedtronic stock forecast 2027–2031What is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
Analysts' average 12-month price target for Medtronic is 97.73, 4.0% below the current price of 101.82. Their targets range from 83.00 to 115.00.
Of the 22 firms that rated Medtronic in the past 12 months, 16 rate it buy or strong buy, 6 hold and 0 sell or strong sell (each firm at its latest rating): a Buy consensus.
Analysts' 1-year price targets range from 83.00 to 115.00, with an average of 97.73.
| Buy | 16 | |
| Hold | 6 | |
| Sell | 0 |
12-month price target
| Highest target | 115.00 |
| Average target | 97.73 |
| Lowest target | 83.00 |
| Current price | 101.82 |
Medtronic price target historyWhat is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
Have analysts recently raised or lowered their Medtronic price target and rating?
How analysts rate Medtronic, month by monthWhat is the analyst rating? The analyst rating sums up what the analysts covering a stock recommend, from strong buy to strong sell, by the share of them rating it a buy.
16 of 22 firms rate it buy now, against 9 of 17 in December 2025.
Each month: every firm at its latest rating from the 12 months before. Strong buys count as buys, strong sells as sells.
Medtronic analyst upgrades, downgrades and price targets
The latest rating change came on 28 July 2026, when UBS upgraded Medtronic from Neutral to Buy. Its price target is 100.00, from 85.00. The most recent new target came from BTIG on 12 October 2026: 99.00.
| Date | Firm | Rating | Price target | Change | Price then |
|---|---|---|---|---|---|
| 12 Oct 2026 | BTIG | Reiterated · Buy | 100.00 → 99.00 | -1.0% | 92.46 |
| 6 Oct 2026 | Barclays | — | 118.00 → 95.00 | -19.5% | 87.09 |
| 3 Sept 2026 | Deutsche Bank | — | 92.00 | — | 91.51 |
| 3 Sept 2026 | UBS | Reiterated · Buy | 100.00 → 110.00 | +10.0% | 92.18 |
| 2 Sept 2026 | Mizuho Securities Anthony Petrone | — | 100.00 → 115.00 | +15.0% | 92.18 |
| 2 Sept 2026 | Stifel Nicolaus Rick Wise | Reiterated · Hold | 80.00 → 95.00 | +18.8% | 92.04 |
| 2 Sept 2026 | Wells Fargo Larry Biegelsen | Reiterated · Overweight | 114.00 → 104.00 | -8.8% | 92.04 |
| 2 Sept 2026 | Truist Financial Richard Newitter | Reiterated · Hold | 86.00 → 99.00 | +15.1% | 92.04 |
| 1 Sept 2026 | BTIG | Reiterated · Buy | 91.00 → 100.00 | +9.9% | 92.44 |
| 27 Aug 2026 | Needham | Reiterated · Buy | 101.00 → 114.00 | +12.9% | 92.02 |
| 28 Jul 2026 | UBS Priya Sachdeva | Upgraded · Neutral → Buy | 85.00 → 100.00 | +17.6% | 84.22 |
| 13 Jul 2026 | BTIG Ryan Zimmerman | — | 90.00 → 91.00 | +1.1% | 83.87 |
| 6 Jul 2026 | Evercore ISI | Reiterated · Outperform | 106.00 → 105.00 | -0.9% | 81.61 |
| 16 Jun 2026 | Piper Sandler Matt O'Brien | — | 85.00 | — | 81.15 |
| 5 Jun 2026 | Goldman Sachs David Roman | Reiterated · Neutral | 84.00 → 83.00 | -1.2% | 82.28 |
| 4 Jun 2026 | Truist Financial | — | 95.00 → 86.00 | -9.5% | 81.64 |
| 4 Jun 2026 | Bernstein Lee Hambright | — | 112.00 → 97.00 | -13.4% | 82.54 |
| 4 Jun 2026 | Robert W. Baird David Rescott | — | 100.00 → 85.00 | -15.0% | 77.95 |
| 4 Jun 2026 | UBS Priya Sachdeva | Reiterated · Neutral | 104.00 → 85.00 | -18.3% | 77.95 |
| 4 Jun 2026 | Jefferies Matthew Taylor | — | 95.00 → 88.00 | -7.4% | 77.95 |
| 4 Jun 2026 | BTIG | Upgraded · Neutral → Buy | — | — | — |
| 3 Jun 2026 | BTIG | — | 90.00 | — | 77.95 |
| 3 Jun 2026 | Stifel Nicolaus Rick Wise | — | 80.00 | — | 77.95 |
| 3 Jun 2026 | Needham Mike Matson | Reiterated · Buy | 120.00 → 101.00 | -15.8% | 78.03 |
| 3 Jun 2026 | Mizuho Securities Anthony Petrone | Reiterated · Outperform | 120.00 → 100.00 | -16.7% | 73.75 |
| 21 May 2026 | Goldman Sachs | — | 111.00 → 84.00 | -24.3% | 78.15 |
| 23 Apr 2026 | Jefferies Matthew Taylor | — | 110.00 → 95.00 | -13.6% | 83.79 |
| 15 Apr 2026 | Truist Financial Richard Newitter | Reiterated · Hold | 107.00 → 95.00 | -11.2% | 86.88 |
| 13 Apr 2026 | Mizuho Securities | Reiterated · Outperform | 120.00 | — | 86.75 |
| 9 Apr 2026 | Evercore ISI Vijay Kumar | Reiterated · Outperform | 106.00 | — | 87.91 |
| 10 Mar 2026 | Leerink Partners Mike Kratky | — | 120.00 → 119.00 | -0.8% | 90.31 |
| 10 Mar 2026 | Needham Michael Matson | Reiterated · Buy | 121.00 → 120.00 | -0.8% | 90.21 |
| 18 Feb 2026 | Robert W. Baird | — | 103.00 → 100.00 | -2.9% | 96.41 |
| 18 Feb 2026 | Barclays Matt Miksic | Reiterated · Overweight | 116.00 → 118.00 | +1.7% | 96.41 |
| 9 Feb 2026 | Needham | Upgraded · Hold → Buy | 121.00 | — | 102.90 |
| 4 Feb 2026 | UBS | Reiterated · Neutral | 104.00 | — | 103.38 |
| 30 Jan 2026 | Wells Fargo Larry Biegelsen | — | 114.00 | — | 101.79 |
| 9 Jan 2026 | Bernstein | Reiterated · Outperform | 111.00 → 112.00 | +0.9% | 98.69 |
| 8 Jan 2026 | Barclays Matt Miksic | Reiterated · Overweight | 111.00 → 116.00 | +4.5% | 99.77 |
| 6 Jan 2026 | William Blair | Upgraded · Market Perform → Outperform | — | — | — |
| 18 Dec 2025 | Truist Financial Richard Newitter | Reiterated · Hold | 103.00 → 107.00 | +3.9% | 99.14 |
| 16 Dec 2025 | Robert W. Baird | — | 103.00 | — | 98.67 |
| 20 Nov 2025 | Barclays | Reiterated · Overweight | 111.00 | — | 100.34 |
| 19 Nov 2025 | Bernstein Lee Hambright | — | 98.00 → 111.00 | +13.3% | 100.34 |
| 19 Nov 2025 | Leerink Partners Mike Kratky | — | 120.00 | — | 100.80 |
| 19 Nov 2025 | Jefferies Matthew Taylor | — | 110.00 | — | 100.80 |
| 19 Nov 2025 | Goldman Sachs David Roman | Upgraded · Sell → Neutral | 111.00 | — | 100.80 |
Medtronic EPS and revenue estimatesWhat are estimate revisions? Estimate revisions are the changes analysts make to their EPS and revenue forecasts for the years ahead. They show whether expectations are rising or falling.
Analysts expect Medtronic's EPS to grow 22.8% a year until 2029, faster than over the last 5 years (7.0% a year) and the last 3 years (9.8%).
Analysts expect Medtronic's revenue to grow 5.0% a year until 2029, about as fast as over the last 5 years (3.8% a year) and the last 3 years (5.2%).
Revenue
EPS
Does Medtronic beat earnings estimates?What is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
On average, analysts' EPS estimate was 2.5% off the result, either way, and their revenue estimate 1.4%, over the last 12 quarters.
- EPS beats
- 75 / 136
- Revenue beats
- 66 / 120
- Average EPS surprise, last 12What is an earnings surprise? An earnings surprise is how far a company's reported EPS or revenue came above or below the analysts' average estimate, in percent.
- +2.5%
- Since
- February 1993
| Quarter | Report date | EPS estimate | Reported EPS | Surprise | Revenue estimate | Reported revenue | Surprise |
|---|---|---|---|---|---|---|---|
| Q1 FY2027 | 1 Sept 2026 | 1.39 | 1.45 | +4.3% | 9.55B | 9.76B | +2.2% |
| Q4 FY2026 | 3 Jun 2026 | 1.54 | 1.55 | +0.6% | 9.62B | 9.81B | +1.9% |
| Q3 FY2026 | 17 Feb 2026 | 1.34 | 1.36 | +1.5% | 8.91B | 9.02B | +1.2% |
| Q2 FY2026 | 18 Nov 2025 | 1.31 | 1.36 | +3.8% | 8.87B | 8.96B | +1.1% |
| Q1 FY2026 | 19 Aug 2025 | 1.23 | 1.26 | +2.4% | 8.38B | 8.58B | +2.4% |
| Q4 FY2025 | 21 May 2025 | 1.58 | 1.62 | +2.5% | 8.82B | 8.93B | +1.2% |
| Q3 FY2025 | 18 Feb 2025 | 1.36 | 1.39 | +2.2% | 8.33B | 8.29B | -0.4% |
| Q2 FY2025 | 19 Nov 2024 | 1.25 | 1.26 | +0.8% | 8.27B | 8.40B | +1.6% |
| Q1 FY2025 | 20 Aug 2024 | 1.20 | 1.23 | +2.5% | 7.90B | 8.00B | +1.3% |
| Q4 FY2024 | 23 May 2024 | 1.45 | 1.46 | +0.7% | 8.45B | 8.59B | +1.6% |
| Q3 FY2024 | 20 Feb 2024 | 1.26 | 1.30 | +3.2% | 7.95B | 8.09B | +1.7% |
| Q2 FY2024 | 21 Nov 2023 | 1.18 | 1.25 | +5.9% | 7.93B | 7.98B | +0.7% |
Medtronic stock price 2027–2031: scenariosHow are the stock price scenarios calculated? Bear, base and bull prices for the years ahead: the analysts' EPS estimates times the lowest, average and highest P/E of the stock today and at its last five year ends, or of its peers.
If Medtronic's earnings keep growing at the 7.7% a year analysts expect to FY2029, it would earn about 8.02 a share in FY2031. At the P/E it has traded at over the last five years (22.2 to 32.1) that is 178.19 to 257.74 a share, or 212.60 at its average P/E of 26.5. This is arithmetic on the analysts' estimates, not a prediction.
| Fiscal year | EPS | Bear | Base | Bull |
|---|---|---|---|---|
| FY2027 | 5.98 | 132.81 | 158.45 | 192.10 |
| FY2028 | 6.39 | 142.09 | 169.52 | 205.52 |
| FY2029 | 6.91 | 153.57 | 183.22 | 222.13 |
| FY2030 (extrapolated) | 7.45 | 165.42 | 197.36 | 239.27 |
| FY2031 (extrapolated) | 8.02 | 178.19 | 212.60 | 257.74 |
Each year's EPS is the analysts' consensus to FY2029; the years after grow 7.7% a year (the analysts' growth, at most 15%). Bear, base and bull apply the lowest, average and highest P/E of today and the last five fiscal year ends, leaving out any above 60, the mark of a year of collapsed earnings (22.2, 26.5, 32.1).
Is Medtronic stock undervalued or overvalued?How does Arincen work out a stock's fair value? Fair value is our estimate of a share's price at the P/E the company usually trades at, with a low to high range around it.
Medtronic's P/E of 24.9 is below the middle of its 5-year range (19.6 to 42.5, median 26.4). Analysts do not expect slower growth than in recent years, so it is cheaper than its usual level. Buyers pay less for each point of growth than usual: a PEG of 1.1 on expected growth against 3.8 on its median P/E and past five years' growth. At its usual P/E (26.5 × EPS of 3.90), Medtronic's fair value is 103.28, close to the price of 101.82. The EPS is without 0.19 a share of one-off gains in its other income, which the business does not repeat. Its forward P/E, on the consensus for FY2027, is 17.0.
Fair value is the usual (median) P/E of the last five years times the earnings per share of the last twelve months; the ends of the bar are the same earnings at its lowest and highest P/E of those years (19.6 and 46.1). The price against its P/E range
- Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 24.89
- Five-year median P/EWhat is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.
- 26.42
- Five-year P/E range
- 19.6 – 42.5
- Forward P/E (FY2027)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.
- 17.03
- PEG ratioWhat is the PEG ratio? The PEG ratio divides the P/E by the yearly earnings growth analysts expect, to show how much you pay for each point of growth.
- 3.23
- To the average targetWhat is an analyst price target? A price target is the price an analyst expects a stock to reach in 12 months. Arincen shows the average, high and low targets and the upside to the average.
- -4.0%
Most undervalued US stocksHow does Arincen work out a stock's fair value? Fair value is our estimate of a share's price at the P/E the company usually trades at, with a low to high range around it.
| Stock | Price | Fair value | Upside |
|---|---|---|---|
| 99.090 | 194.93146Price 99.09244 | +96.7% | |
| 42.225 | 82.9546Price 42.23165 | +96.4% | |
| 186.680 | 360.82271Price 186.68451 | +93.3% | |
| 213.670 | 405.57304Price 213.67507 | +89.8% | |
| 161.160 | 305.51157Price 161.16396 | +89.6% | |
| 160.650 | 300.09225Price 160.65375 | +86.8% | |
| 165.860 | 308.95212Price 165.86442 | +86.3% |
Furthest below the fair value on each stock's page, updated every day.