Jefferies Cuts Estimates on Medtronic (MDT) Following 2Q Report
Jefferies maintained a Buy rating on Medtronic, Inc. (NYSE: MDT), and cut the price target to $88.00 (from $100.00), following the company's 2Q earnings report. Guidance was cut as MDT had been calling for revenue growth in the upper half of mid-single digit growth and EPS of $4.60-$4.70 for 2017. EPS guidance was cut to $4.55-$4.60.
Analyst Raj Denhoy commented, "Medtronic’s weak 2Q set back almost a year of progress for the company. Sales growth was just +3%, with US growth just +1%. The recent strong product cycles have waned and the company finds itself in a slower period before new things kick in. Our numbers and PT come down but there is still enough upside to keep us at Buy."
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Shares of Medtronic, Inc. closed at $73.60 yesterday.