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  4. Medtronic Downgraded by Raymond James on Growing Impatience
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Medtronic Downgraded by Raymond James on Growing Impatience

By Sam Boughedda Shares of Medtronic (NYSE:MDT) were downgraded to Market Perform from Outperform by a Raymond James analyst on Wednesday, stating that the firm is "growing...
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Medtronic Downgraded by Raymond James on Growing Impatience © Reuters. Medtronic (MDT) Downgraded by Raymond James on Growing Impatience

By Sam Boughedda

Shares of Medtronic (NYSE:MDT) were downgraded to Market Perform from Outperform by a Raymond James analyst on Wednesday, stating that the firm is "growing impatient."

The analyst downgraded the stock following its fiscal Q1 earnings release on Tuesday, stating the company's valuation has been their core thesis this year, and the factor still holds, but the implied F2H23 ramp leaves them less confident in their estimates.

"We fully acknowledge that sentiment is low, but we expect investor skepticism around the revenue ramp to keep the stock range-bound. Supply chain dynamics have disrupted MDT's growth more so than peers, and our concern is that it will take longer for MDT to regain momentum," said the analyst.

The analyst is also increasingly concerned that a higher level of investment is needed to drive a mid-single-digit revenue growth profile.

"We made no material changes to our FY23 estimates (and sit at the low end of guidance), but lowered FY24 EPS by 3% and sit ~$0.20 below consensus. Valuation limits the downside, and we believe management is making the right investments for the long-term, but for us, we believe there are other large-cap value names in our coverage with a more attractive risk/return profile," concluded the analyst.

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01-05-2024 10:45:17 (UTC+7)

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Summary

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

Moving Avg:

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Sell (12)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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157.91

+0.12 (+0.07%)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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