Bear Stearns puts Medtronic at outperform

Medtronic, Inc. was given a rating of outperform and a price target of $64 by Bear Stearns analyst Rick Wise. The company reported third-quarter earnings per share of $0.55 on sales of $2.77 billion. Earnings were on target with Bear Stearns and consensus estimates. Sales fell $136 million short of the analyst's $2.9 billion forecast. 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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