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Medtronic Shares Fall After Earnings Report; Needham Lowers PT -Breaking

by Mike Robinson

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© Reuters.

Investing.com — Medtronic PLC (NYSE 🙂 shares were down 3.1% by Tuesday’s close following the mixed earnings report. 

The revenue reported by the medical device firm was $7.85 billion. This is below what analysts expected of $7.98 billion.

The news has seen Needham & Company analyst Michael Matson lower the price target for Medtronic shares to $145 from $152, maintaining a buy rating.

Matson stated to investors that while F3Q22 guidance was not provided by management, they believed it might be conservative.

An analyst noted also that Medtronic has delayed two major projects in its pipeline, Hugo robot and renal denervation.

Needham said that Medtronic has gained market share across most of its business unit and, while keeping its buy rating. However, the lower price target is a reflection on MDT’s slow FY22 growth.

Piper Sandler stated that she remains optimistic about Medtronic and that the company’s organic revenue growth is mainly attributable to Covid-related staffing shortages in hospitals as well as a slowerdown in operating volumes.

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