JMP maintains Medtronic at market outperform

JMP Securities analyst Robert C. Faulkner kept Medtronic Inc. at its market outperform rating. The company's pre-announced earnings per share of $0.55 were one cent ahead of the analyst's and consensus estimates. Look for Medtronic shares to be up from here in a year, even with a bump or two on the road to recovery in ICDs, according to the analyst. In comparison, other companies lack the underlying growth of Medtronic's markets and share positions. RBC lowered its 2007 earnings per share estimate to $2.36, from $2.39, while retaining earnings per share growth estimate of 15% to 16%. Shares of the Minneapolis-based medical device company were down 5 cents, or 0.11%, at $45.31, on volume of 12,359,900 shares versus the three-month running average of 7,094,400 shares. (NYSE: MDT)

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