We Remain Fans of Medtronic's Wide Economic Moat and Its Ability to Innovate
Medtronic delivered another quarter of impressive results, kicking off fiscal 2019 with a strong start. At first blush, quarterly performance generally met our expectations, and we're standing behind our fair value estimate of $105 per share. After adjusting for the sale of the medical supplies business to Cardinal, Medtronic's quarterly revenue increased 6.8% in constant currency. Considering most of the medical technology market is only growing in the midsingle digits and Medtronic's sheer siz...
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