Medtronic, Inc. (MDT) PT Lowered to $83 at Stifel on Hurricane Maria Update; 'Four Major Manufacturing Facilities Sustained Some Damage'
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Stifel lowered its price target on Medtronic, Inc. (NYSE: MDT) to $83.00 (from $91.00) while maintaining a Hold rating, following the company's update on Hurricane Maria in Puerto Rico.
Analyst Rick Wise notes a cautious outlook following the company's update on Hurricane Maria in Puerto Rico, citing damage to four major manufacturing facilities, resulting management's commentary on the issue: "…the availability and sales of certain products that are newly launched, were on backorder status, or had lower inventory levels prior to the hurricane are expected to be affected in all four business groups, particularly in the United States in the company's Minimally Invasive and Restorative Therapies Groups."
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