J.P. Morgan Maintains Neutral on Medtronic

J.P. Morgan is out with its report today on Medtronic MDT, maintaining Neutral. In its report, J.P. Morgan writes, "Medtronic reported largely in-line 1Q results Tuesday morning. Revenues of $4.049B grew 7.3% reported (+2.4% cc; +1.1% organic) and came in $70M above consensus and $15M below our estimate. The difference between reported and consensus was primarily currency, though a number of businesses deviated from Street expectations – CRM and Spine to the downside, most everything else to the upside. On the bottom line, adjusted EPS of $0.79 (-0.8%) was inline with consensus. Following the quarter, we are adjusting our estimates. Below we walk through the changes to our model and our latest thoughts on MDT's key end markets. We remain Neutral." Shares of MDT closed Tuesday at $33.10, up 6.16% from Monday's close.