Medtronic, Inc. (MDT) PT Lowered to $142 at Guggenheim

Guggenheim analyst Chris Pasquale lowered the price target on Medtronic, Inc. (NYSE: MDT) to $142.00 (from $148.00) while maintaining a Buy rating.

The analyst commented, "MDT reported FY2Q22 revenue below Consensus estimates, though relatively in-line with weakened sentiment, in our view, while adj. EPS came in ahead. FY22 organic growth guidance was reduced given the ongoing COVID pandemic & staffing shortages, while adj. EPS guidance was maintained. Notably, supply chain issues have been impacting the Hugo launch which resulted in a lower expected contribution in FY22, while RDN launch could now come in CY23. While these two updates were disappointing we think the company is well positioned to drive operating margin expansion despite the COVID environment."

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