** Medical device maker Medtronic MDT.N on Wednesday announced plans to spin off its diabetes division, home to insulin pumps and wearable devices, into an independent company, while projecting lower-than-expected profits for 2026

** Median PT of 33 brokerages covering the stock is $95 - LSEG data

STILL A SAFE HAVEN

** Barclays ("overweight," PT: $109) says the spinoff plan looks positive, has potential to create shareholder value** The brokerage, however, expects spinoff to complete in 2027 vs co's expectations of completion within 18 months

** Citigroup ("buy," PT: $98) says "Medtronic continues to evolve, through new product introductions such as PFA and renal denervation, and now with the Diabetes spin"

** Morningstar (fair value: $112) believes this is a good time for Medtronic to separate its diabetes business, which has been growing robustly thanks to its 780g pump and improvements to its sensors** "We think it's been difficult for the diabetes unit to get credit for the progress it has made," says Morningstar

** Bernstein ("outperform," PT: $93) says "we like the Diabetes spin, and we would encourage management to consider even bolder portfolio moves over time"

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))