Analysts at Pipar Jaffray rate Medtronic, Inc. (MDT) as “overweight,” and have maintained its target price of $50.00 on the stock. Medtronic is scheduled to report Q1:F11 results on Tuesday, Aug. 24th before the market open.
Pipar Jaffray writes, “We estimate Medtronic's Q1 sales at $3,921MM (consensus $3,953MM) and near the mid-point of the $3,860MM to $3,960MM range discussed by the company in mid-June. Recall Q1:F10 results included 13 weeks, making Q1:F11 comps difficult. Excluding the estimated impact of the additional week ($200MM in Q1:F10) and an Fx headwind pegged at $49MM, we estimate underlying sales growth in Q1:F11 at a solid 6%. In terms of Q1 EPS, we peg it at $0.81 and in line with consensus.”
Medtronic is currently waiting for an FDA re-inspection of a facility since late January/early February. As the company awaits a resolution, Medtronic will be unable to garner approval and commercially launch the Protecta ICD and REVOMRI-safe pacemaker, both of which are expected to launch in H2:F11.
Shares of MDT are currently trading at $35.12, jumping 35 cents in this morning’s trading session.
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