One Analyst Is Bullish On Medtronic, Another Is Not Post Q1 Earnings

One Analyst Is Bullish On Medtronic, Another Is Not Post Q1 Earnings
  • Citi says that Medtronic plc MDT delivered better-than-expected FY1Q23 results, reiterating FY23 guidance despite the ongoing litany of pressures impacting Medtech. 
  • The analyst notes a shift in tone, with many of these headwinds still present but improving, including the availability of chips; patient volumes returning to pre-pandemic levels.
  • Citi maintains the Buy rating on MDT.
  • Related: Medtronic Q1 Earnings Within Expectation, Sees Higher Currency Headwind On FY23 Sales.
  • But Raymond James downgraded Medtronic to Market Perform from an Outperform rating. 
  • The analyst notes that the valuation has been their core thesis this year, and this factor still holds, but the implied F2H23 ramp lowers confidence.
  • According to the analyst, supply chain dynamics have disrupted MDT’s growth more than peers, and they think MDT will take longer to regain momentum. 
  • Raymond James is increasingly concerned that a higher level of investment is needed to drive a mid-single-digit revenue growth profile. 
  • Price Action: MDT shares are down 0.91% at $89.41 on the last check Wednesday.

Posted In: BriefsNewsDowngradesHealth CareAnalyst RatingsGeneral

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