UPDATE: Medtronic, Inc. (MDT) PT Raised to $130 at Credit Suisse
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Credit Suisse analyst Matt Miksic raised the price target on Medtronic, Inc. (NYSE: MDT) to $130.00 (from $126.00) after reported revenue was better than feared and management noted sequential improvements in both revenue and earnings, despite the impact of the COVID resurgence in late Dec and Jan. Sales of $7.775 bil were in-line with consensus as Strength in MITG (+$44MM), RTG (+$33MM) and Diabetes (+$32MM) was offset by CVG (-$144MM). RTG saw a growth benefit from new products, partially offset by COVID-related pressure on procedure volumes. Diabetes was up MSD driven by pumps and CGM. COVID-related slowdowns in CVG and MITG were partially offset by demand for COVID-related therapies.
The analyst reiterated the Outperform rating, stating "Sales net of COGS (-3c) were offset by
lower SG&A (+9c), lower R&D (+3c), Other Expense (+1c) and tax (+3c) to deliver EPS of
$1.29, 13c above CSe. Op margin of 26.6% were 220 bps above CSe of 24.4%".
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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