Medtronic at outperform by RBC

RBC Capital Markets analyst Phil Nalbone rated Medtronic, Inc. at outperform with an average risk and $60 price target after the company reported fourth-quarter results. Revenue, up 10.8% to $3.08 billion even with a slowdown in the company's implantable defibrillator sales, was still $80 million below the analyst's forecast. Earnings per share of $0.62 were one cent below RBC's estimate. The analyst is projecting revenues of $12.83 billion for fiscal 2007. Shares of the Minneapolis medical device company were up $2.22, or 4.63%, at $50.17 on volume of 15,707,200 shares versus the three-month running average of 8,421,320 shares. (NYSE: MDT)

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