UPDATE: Needham & Company Downgrades Medtronic, Inc. (MDT) to Hold
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Needham & Company analyst Michael Matson downgraded Medtronic, Inc. (NYSE: MDT) from Buy to Hold.
The analyst commented, "MDT's F4Q22 revenue and EPS missed consensus and organic revenue growth slowed to 1.4% from 1.6% in F3Q22. Management provided FY23 revenue and EPS guidance that was below consensus. While we understand that some macro issues are outside of management's control, MDT's peers seem to be navigating the same challenging environment more successfully. MDT seems to have returned to its old pattern of poor execution and inconsistent results, and this is its third strike in our view, with the first being pipeline challenges (RDN and robotics) and the second being the Diabetes warning letter. While MDT shares are down 4% year-to-date (YTD), they have significantly outperformed our universe, which is down 23% YTD, and the S&P 500, which is down 15% YTD. Given all of this, we are downgrading MDT to Hold from Buy."
Shares of Medtronic, Inc. closed at $99.44 yesterday.
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