Medtronic: Jefferies still says 'buy' after results
(CercleFinance.com) - Broker Jefferies reiterates its "buy" recommendation on the Medtronic share and has raised its corresponding target price from 111 dollars to 125 dollars, after the medical equipment supplier reported a "good quarter," while raising its annual targets.
The broker points out that the group announced organic growth of 3.5%, above a forecast of 2.5%, which beat the consensus for EPS by eight cents, with a 90-bp improvement in the operating margin, while increasing its EPS target by 10 cents.
"Beyond 1Q, MDT's excitement about the pipeline could not be clearer, with growth expected to accelerate into next year," the broker adds, which also says that the share's "valuation is still low".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker points out that the group announced organic growth of 3.5%, above a forecast of 2.5%, which beat the consensus for EPS by eight cents, with a 90-bp improvement in the operating margin, while increasing its EPS target by 10 cents.
"Beyond 1Q, MDT's excitement about the pipeline could not be clearer, with growth expected to accelerate into next year," the broker adds, which also says that the share's "valuation is still low".
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.