Medtronic Posts Solid Third Fiscal Quarter; No Change to Our Fair Value Estimate
Medtronic posted solid fiscal third-quarter performance that largely spanned the product portfolio; we haven’t made any changes to our assumptions and are holding steady on our fair value estimate. With organic quarterly top-line growth up 4.4%, third-quarter sales grew slightly slower than in the previous four quarters, though the firm faced an unusually robust comparable in the prior-year period. As is typical for Medtronic, adoption of novel products more than offset declines in older product...
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