(CercleFinance.com) – Credit Suisse reaffirms its ‘outperformance’ opinion on Medtronic, but with a price target lowered from 146 to 142 dollars, due to a reduction in its revenue projections for fiscal years 2021-22 and 2022- 23.
The broker justifies the reduction by comments from management regarding the potential impact of a warning letter from the FDA last week, regarding the diabetes business of the medical equipment group.
‘Management expects diabetes business to decline to a percentage’ high of single digit ‘in its third accounting quarter and in the middle of that range for the full year 2021-22 ‘, he recalls.
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