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."

For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.

Shares of Medtronic, Inc. closed at $73.60 yesterday.

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