Medtronic Inc. MDT reiterated FY2011 guidance of 5%-8% constant currency revenue growth during its Analyst Meeting. The company has also retained its EPS estimate of $3.45-$3.55. In a recently released report, Goldman Sachs GS has maintained its previous EPS estimate of $3.45-$3.55 and constant currency revenue growth forecast at $5.4%. The company is expected to increase its sales by 4%-7% in the long term. The report has also stated that Medtronic Inc. (MDT) has the financial flexibility to grow EPS at least 2x faster than revenue.
The stock has been given a ‘Neutral’ rating with a price target of $43, down from earlier estimates of $45. The target has been slashed due to changes in peer group multiples.
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