Needham & Company Cuts Price Target on Medtronic (MDT) to $84 Following 2Q
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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."
Shares of Medtronic, Inc. closed at $80.58 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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