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JMP puts Medtronic at strong buy
Medtronic, Inc. was given a strong buy rating by JMP Securities analyst Robert C. Faulkner. JMP said that while the ICD business is central to the company's growth, the business as a whole appears able to support 15% earnings-per-share growth through 2007 even under a slow-ICD scenario and more easily thereafter. Cash flow and cash offer sources of growth that make 15% look obtainable. JMP's 2006 earnings-per-share estimate is $2.23, with its 2007 estimate lowered to $2.55 from $2.57. Shares of the Minneapolis medical appliances company were down $1.27, or 2.29%, at $54.30 on volume of 8,443,700 shares versus the three-month running average of 3,523,540 shares. (NYSE: MDT)
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