JPMorgan analyst Robbie Marcus believes Medtronic's pipeline is "deep and often overlooked." He sees a number of "significant potential catalysts" over the coming year that he believes many investors aren't focused on. The analyst thinks investors will want to own Medtronic not only for the expected sales acceleration, from ~4% this fiscal year to ~5% in fiscal 2021, but also for the potential upside in the out-years as pipeline catalysts, that "aren't appropriately modeled by the Street," play out. Medtronic is one of the few large-cap names that could see further multiple expansion, says Marcus, who reiterates an Overweight rating on the shares.