Medtronic Earnings: New Products Should Support Mid-Single-Digit Top-Line Growth

Medtronic posted solid fiscal first-quarter results that held few surprises and put the firm on track to meet our full-year expectations. We’re leaving our $112 fair value estimate unchanged, and although management raised its outlook, our fiscal 2024 projections remain bounded by the new range Medtronic provided. The firm also benefited from easing foreign exchange headwinds and solid pricing gains that largely offset inflationary pressure. We remain confident in Medtronic’s wide economic moat, which is supported by intangible assets underpinning its various technology platforms.