** Medtronic MDT.N surpassed Wall Street expectations for third-quarter profit and revenue on Tuesday, driven by strong demand for its heart devices but left its forecast for full-year adjusted profit unchanged

** Average rating of 34 analysts is "buy"; median PT is $112.17 - data compiled by LSEG

CORE GROWTH DRIVERS IN PLACE

** Needham ("buy," PT: $120) says MDT is in the early stages of a strong product cycle that should accelerate organic revenue growth, and the improved quarterly performance reinforces this view

** Piper Sandler ("neutral," PT: $105) expects MDT's Electrophysiology portfolio to "continue to grow nicely for a while, as physicians seem to appreciate Affera and Sphere-9 overall"

** TD Cowen ("buy," PT: $119) sees MDT's quarterly performance as continued proof that the company is focusing on its core growth drivers

** Morningstar (fair value: $112) says MDT is in the early stages of developing new markets. Continued adoption should give it a strong competitive position over the coming decade as the first major player in both tibial stimulation and renal denervation

(Reporting by Kanchana Chakravarty in Bengaluru)

((Kanchana.Chakravarty@thomsonreuters.com))