Morgan Stanley Expects Medtronic, Inc. (MDT) To Miss Consenus Revenue

February 17, 2021 8:02 AM EST
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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."

For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.

Shares of Medtronic, Inc. closed at $118.25 yesterday.



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