Needham & Company Cuts Price Target on Medtronic (MDT) to $84 Following 2Q

November 22, 2016 4:07 PM EST
Get Alerts MDT Hot Sheet
Price: $72.01 --0%

Rating Summary:
    20 Buy, 16 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
Trade MDT Now!
Join SI Premium – FREE

Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.

Needham & Company maintained a Buy rating on Medtronic, Inc. (NYSE: MDT), and cut the price target to $84.00 (from $95.00), following the company's 2Q earnings report. Revenue was reported at $7.345B, missing consensus of $7.450B. Adjusted EPS was $1.12 vs. consensus of $1.11.

Analyst Mike Matson commented, "F2Q17 revenue missed and EPS beat consensus (due to a tax benefit) and MDT lowered its FY17 guidance. Organic selling-day adjusted revenue growth slowed to 2.2% CC vs. 5.3% CC in F1Q17 with new products adding ~195 bps, emerging markets adding ~120 bps, and services & solutions added ~20 bps. The revenue shortfall was mainly due to a lull in new product launches in certain businesses including Cardiac & Vascular and Diabetes. Operating margin was better than expected and up 150 bps Y/Y CC. We maintain our Buy rating since we expect growth to improve as MDT launches key products over the next few quarters."

For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.

Shares of Medtronic, Inc. closed at $80.58 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Needham & Company, Earnings

Add Your Comment