Jefferies Cuts Estimates on Medtronic (MDT) Following 2Q Report
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Jefferies maintained a Buy rating on Medtronic, Inc. (NYSE: MDT), and cut the price target to $88.00 (from $100.00), following the company's 2Q earnings report. Guidance was cut as MDT had been calling for revenue growth in the upper half of mid-single digit growth and EPS of $4.60-$4.70 for 2017. EPS guidance was cut to $4.55-$4.60.
Analyst Raj Denhoy commented, "Medtronic’s weak 2Q set back almost a year of progress for the company. Sales growth was just +3%, with US growth just +1%. The recent strong product cycles have waned and the company finds itself in a slower period before new things kick in. Our numbers and PT come down but there is still enough upside to keep us at Buy."
Shares of Medtronic, Inc. closed at $73.60 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
- Jefferies Raises Price Target on NeuroDerm (NDRM) to $42
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!