- JPMorgan tweaks estimates on Medtronic (MDT) on the heels of the company's FQ2 report.
- Analyst Michael Weinstein calls the results "solid" and boosts his price target to $63 from $59.
- Neutral rating reiterated.
- On the call, Weinstein asked management if they were confident in emerging market reacceleration (emerging market revenue grew just 1.8% sequentially in FQ2), to which CEO Omar Ishrak responded: "I think this quarter we just happened to have a bunch of different regions slow down. Just by coincidence everything happened together. We expect this to rapidly start to reaccelerate, because everywhere I go, the fundamental growth drivers are clearly there." (transcript)
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