Piper Jaffray maintains its Overweight rating and $40 target price on Medtronic MDT as EPS for Q3 was reported in line despite soft revenues due to weakness in spine and ICD.
Piper Jaffray says, "Medtronic reported Q3:F12 results with revenue of $3.92B (+2%, +1% cc) vs. consensus of $4.02B. EPS totaled $0.84 compared to expectations for $0.84. Reversing Q2, MDT's revenue performance missed expectations in CDRM (in both ICDs and Pacers) and spine, which may pressure the group today."
MDT closed at $39.94 a share on Friday.
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