Oppenheimer Raises Price Target on Medtronic (MDT) to $94 Following EPS Beat
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Oppenheimer reiterated an Outperform rating on Medtronic, Inc. (NYSE: MDT), and raised the price target to $94.00 (from $90.00), following the company's 1Q earnings report. MDT reported a $0.02 EPS beat, driven by a slightly lower interest expense and tax rate.
Analyst Steven Lichtman commented, "MDT delivered an in-line F1Q operationally with EPS coming in $0.02 ahead on slightly lower interest expense and tax rate. The underlying story remained the same as new product launches, emerging market expansion and hospital service offerings drove ~5%/15% constant currency constant week (CCCW) sales/EPS growth in F1Q. MDT reiterated FY17 guidance, including 5-6% CCCW sales growth and EPS of $4.60-$4.70 (12-16% CCCW). Covidien synergies are on target, and free cash flow is on track to accelerate to $6.5-7.0B in FY17. We continue to see cash flow flexibility providing upside opportunities ahead in the form of accelerated buybacks, solid dividend growth and tuck-in M&A (including the recent Heartware acquisition). MDT’s scale is another key positive in today's environment."
Shares of Medtronic, Inc. closed at $85.39 yesterday.
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