Medtronic's 2Q Weakness Doesn't Worry Us; Our Fair Value Estimate Is Unchanged
Medtronic posted soft second-quarter performance that caused the shares to dip, but the firm remains on track to meet our tempered expectations and our fair value estimate is unchanged. The beauty of Medtronic’s wide economic moat is that waning product cycles in one area are often more than offset by waxing product cycles in others. However, in this particular quarter, there were enough gaps in the stream of product launches that weakness in cardiovascular therapies and diabetes translated into...
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