RBC keeps Medtronic at outperform

Medtronic Inc. was maintained at outperform, average risk, and a $54 price target on news of the company's first-quarter financial results. Revenue of $2.9 billion was in line with the levels pre-announced three weeks ago. Global ICD sales of $673 million were slightly below the preliminary number of $675 million. Earnings per share were $0.55. Management lowered its 2007 revenue guidance, expecting sales of $12.2 billion to $12.6 billion, down from the previous range of $12.5 billion to $13.0 billion. Earnings per share guidance was lowered to a range of $2.30 to $2.38. RBC's sales estimate remains unchanged at $12.414 billion. 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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