Medtronic's 1Q Results Largely Track Our Expectations
Medtronic posted fiscal first-quarter results that generally met our expectations, and we're holding steady on our fair value estimate. We see little to alter our view of Medtronic's wide economic moat. Quarterly top-line growth of 4% in constant currency puts the firm on track to achieve our full-year projections, fueled by waxing new product cycles in cardiac and vascular, as well as broad-based strength in non-U.S. markets.While pacemakers and implantable cardioverter defibrillators continue...
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