Medtronic (MDT) Results Match Preannouncement Commentary, UBS Reiterates Buy Rating
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UBS analyst Matthew Taylor reiterated a Buy rating and $130.00 price target on Medtronic (NYSE: MDT) after the company reported FY3Q21 results (Jan), with sales of $7.78B -1% organic (cons.$7.77B) and EPS of $1.29 (-10%) vs. cons. $1.15. On January 11, management noted that results could be roughly flat instead of flat to slightly up due to impact from CV-19 surges in Dec. and Jan and the reported -1% organic decline matched these statements. Despite this, MDT noted q/q improvements in revenue and earnings and cited continued share gains in an increasing number of businesses.
The analyst stated "We reiterate our Buy rating on shares of MDT and continued to be impressed by the company's progress in a number of segments, showing strong relative performance and execution during the pandemic; we are excited about MDT's pipeline as well."
Shares of closed at $118.00 yesterday.
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