Medtronic's Fiscal First Quarter Was as Expected; No Change to Our Fair Value Estimate
Medtronic’s fiscal first-quarter results held few surprises, and we’re standing behind our $83 fair value estimate. After adjusting for foreign exchange and an extra selling week last year, quarterly revenue increased 5%, in line with our expectations for the full year. Although manufacturing costs were slightly lower than we’d projected, this was offset by marketing expenses that were a bit higher than our estimate. Overall, we saw little in the first quarter to shift our expectations of this w...
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