RBC keeps Medtronic at outperform

Medtronic Inc. was maintained at outperform, average risk, and a $54 price target by RBC Capital Markets analyst Phil Nalbone following a company conference call. Management provided a Cardiac Rhythm Disease Management (CRDM) market overview, highlighting the marketing initiatives to revive the ICD market. Medtronic believes the U.S. ICD market can grow at 8% to 12% and the worldwide market between 10% to 15% over the next five years. The company plans to spend $75 million to $100 million over the next 12 months on programs to restore physician and patient confidence in the reliability of ICDs according to the analyst. Shares of the Minneapolis-based medical device company were down 21 cents, or 0.45%, at $46.20. (NYSE: MDT)

Jefferies lowers Parexel to hold

Parexel International Corp. was downgraded to a hold from a buy by Jefferies & Co., Inc. analyst David Windley. The company surpassed the analyst's $36 price target and increased 35% in the last five months. According to the analyst, the stock has appreciated 15% this week with no news flow. Shares of the Waltham, Mass.-based biopharmaceutical company were down $2.25, or 6.04%, at $35.03, on volume of 377,341 shares versus the three-month running average of 278,835 shares. (Nasdaq: PRXL)

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