JMP keeps Medtronic at market outperform

Medtronic, Inc. was maintained by JMP Securities analyst Robert C. Faulkner at a market outperform rating as the Endeavor stent data delivered an upside surprise, possibly narrowing the competitive gap on efficacy compared to Cypher and Taxus. The ICD market uncertainty is a bigger near-term driver for Medtronic shares, even with the positive Endeavor data. The analyst looks for more clarity in the ICD market before stents provide more upside than downside. Shares of the Minneapolis medical device company were down $0.19, or 0.38%, at $49.19 on volume of 7,782,300 shares versus the three-month running average of 8,310,110 shares. (NYSE: MDT)

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