Medtronic Delivers Another Quarter of Strong Growth; Moderately Raising Our Fair Value Estimate
Medtronic wrapped up its fiscal year with solid performance in the fourth quarter. While results were generally consistent with our expectations, we’ve moderately raised our fair value estimate to reflect time value of money and minor adjustments for the upcoming sale of medical supplies product lines to Cardinal Health. Although Medtronic is now past its days of consistent high-single-digit growth, we remain confident that the firm’s wide economic moat remains unchanged. In particular, we think...
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