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Medtronic PLC (NYSE: MDT) is down 13 percent over the past month.
Medtronic is trading lower since posting Q1 earnings on Thursday. Traders may be holding on to management noting that Q2 EPS could be down by "a few pennies."
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Steven Lichtman at Oppenheimer dismissed these concerns, noting that Q1 sales and EPS "both came in ahead of consensus, led by solid US growth." Further, growth in China "saw improvement sequentially."
Lichtman also dismissed currency concerns, arguing instead that the second half of FY16 will see "margin expansion" as Covidien synergies "scale-up." The company will also use improved access to cash to "build out the pipeline and continue its top-line momentum."
In total, the firm expects Medtronic to post "double-digit EPS growth" over the next couple years. With an $86 price target, Lichtman sees more than 25 percent upside in the stock in the next year.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.