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Medtronic maintains strong buy rating
Medtronic was maintained at a strong buy rating by JMP Securities analyst Erin Seidemann due largely to Medtronic's lower tax rate of 26% versus the previously expected 28%. Uncertainty remains as to whether Medtronic will be able to launch its Endeavor stent in the United States. JMP is confident, however, that Medtronic can generate 15% earnings-per-share growth regardless of its clinical trial outcome, which will be announced on Oct. 17. JMP raised its earnings-per-share target for the second quarter of fiscal year 2006 to $0.55 from $0.51, with $0.03 from tax.
Shares of the Minneapolis-based biotechnology company were up $1.92, or 3.63%, at $54.79 on volume of 10,023,900 shares versus the three-month running average of 3,521,960 shares.
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