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Medtronic Earnings: Strong Finish to Fiscal 2023, but Tempered Outlook Weighs on Shares


Wide-moat Medtronic MDT posted solid fiscal fourth-quarter results that hinted at how management’s efforts over the last few years to reshape the organization and shift its portfolio toward faster growth are beginning to bear fruit. However, management’s tempered outlook for fiscal 2024 seems to have weighed on the shares. Considering that the firm finished the year very close to our expectations, we’re leaving our $112 fair value estimate unchanged.

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