J.P. Morgan Discusses Medtronic

J.P. Morgan Chase & Co. is out with a research report on Medtronic MDT. In a note to clients, J.P. Morgan Chase & Co. writes, "Monday at ADA saw better foot traffic throughout the meeting and particularly on the exhibit floor. We had the chance to catch up with Medtronic management, where the key takeaways from the industry leader were (1) MDT is shelving its patch pump project, moving resources toward next-generation sensor-augmented durable pumps; and (2) FDA timelines have been elongated, and MDT does not expect U.S. approval for the Enlite sensor for another 1-2 years and the Veo pump in 2-3 years." Shares of MDT gained 18 cents yesterday to close at $38.58, a gain of nearly 0.5%.