** Medtronic MDT.N reported fourth-quarter results on Wednesday that beat Wall Street estimates, powered by robust sales of its heart devices, but its annual profit view fell below Street estimates

** Shares were up 1.5% in premarket trading

STORY REMAINS UNDERAPPRECIATED

** BTIG ("buy," PT: $90) says MDT has shifted from a "show me" story to a "trust the setup" story, citing stronger and more sustainable revenue growth, potential upside from new products and conservative FY27 guidance, and possible additional upside if the Diabetes separation happens earlier than expected

** Truist Securities ("hold," PT: $86) says there could be factors that boost revenue in fiscal 2027 and beyond, such as RDN, Hugo, and continued strength in PFA

** Truist sees several catalysts driving stronger growth ahead, including the Altaviva urinary implant and Onyx's MMA embolization expansion

** RBC Capital Markets ("outperform," PT: $118) says the brokerage is encouraged by MDT's growth initiatives, led by its cardiac ablation and electrophysiology business, adding that the company's renal denervation treatment for high blood pressure "remains underappreciated"

** Leerink Partners ("outperform," PO: $104) remains positive on MDT's execution and sees upside potential, but flags TAVR procedure slowdown as a risk to estimates