Morgan Stanley Expects Medtronic, Inc. (MDT) To Miss Consenus Revenue
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Morgan Stanley analyst David Lewis reiterated an Overweight rating and $140.00 price target on Medtronic, Inc. (NYSE: MDT) but noted that peer results suggest 2-4 points of downside from management's "flat" update in January. Longer term the analyst sees an attractive Risk/Reward but in the mean time, there could be volatility before accretion.
He stated "Based on peer results and management commentary, we expect Medtronic to miss Cns revenues by ~50-250 bps given December-to-January resurgence (i.e., we expect a ~flat to -2% organic quarter), still positioning Medtronic toward the high-end of C4Q Device averages (see Exhibit 2 for peer 2-year stack analysis). Absolute results matter less, while evidence that Medtronic may be weathering resurgence better than peers matters more. We remain comfortable with the risk/reward into the quarter and continue to favor Medtronic as one of the best names in our coverage to play 2021 Device recovery."
Shares of Medtronic, Inc. closed at $118.25 yesterday.
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