Jefferies & Company Reports on Medtronic

Jefferies & Company commented on Medtronic MDT in a report released yesterday. In the report, Jefferies was mixed in its assessment of the company. Jefferies writes, "Fiscal 4Q11 results repeated the now rote script at Medtronic: weak CRM and Spine results not fully offset by growth in other markets. Revenues, while slightly above projections, were up just 0.4% ex-FX and were down 1.3% organically. U.S. ICDs were particularly dismal with -14% underlying growth. Newer markets did contribute more than expected, but the trends in the core markets remain very difficult." Jefferies currently has a Hold rating on Medtronic and a price target of $43. Shares of Medtronic closed at $40.88 on Tuesday, up from $40.35 at the opening bell.