Medtronic (MDT): FX Could Be A $0.27 Tailwind vs. $0.25 Headwind In '17 - Jefferies
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Jefferies analyst, Raj Denhoy, reiterated his Buy on Medtronic, Inc. (NYSE: MDT) ahead of earnings this Thursday. Despite good sales results, recent stock action around reporting has been dominated by operating profitability results. MDT missed 3 of the 4 Qs of FY16. Operating margins in 4Q were 30.3%, missing the guidance of 31-31.3% given in 3Q. The miss was blamed on one-time items in gross margins and the company continues to insist that the COV synergies are being realized with FX being the major culprit behind the misses.
Other issues for the company include 1Q17 being shortened by one week and currency could be as much as a $0.27 tailwind v. the negative $0.20-$0.25 guided to.
No change to the price target of $93.
Shares of Medtronic, Inc. closed at $87.80 yesterday.
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