Deutsche Bank Keeps Hold Rating on Medtronic, Inc. (MDT), 'Good, but maybe not quite good enough'
Deutsche Bank analyst Pito Chickering reiterated a Hold rating and $87.00 price target on Medtronic, Inc. (NYSE: MDT).
The analyst comments "Net-net. The debate heading into the quarter was simple: (1) What does 4Q results imply about guidance; (2) Is FY 2024 guidance a kitchen sink. As we look at 4Q results and FY 2024 guidance, we believe that MDT could be setting conservative guidance but the lack of a big beat and guidance below the Street doesn’t scream that the stock has found its floor yet. With the big stock action post the diabetes letter getting lifted, we believe investors were hoping for more upside versus the $5.05 that the buy-side was looking for. We expect more details on the call but our initial view is that 4Q results and FY 2024 guidance isn’t going to be the positive catalyst that some investors were looking for, and MDT will need to convert back into a beat and raise story to start attracting new investors to the story."
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Shares of Medtronic, Inc. closed at $87.49 yesterday.