Bear Stearns reiterates Medtronic at outperform

Bear Stearns analyst Rick Wise reiterated Medtronic, Inc. at outperform with a price target of $64. The analyst lowered his fourth-quarter 2006 earnings-per-share estimate by 1 cent to $0.61, while consensus estimates are $0.63. Bear Stearns' new 2006 estimate is $2.11, including option expense of $0.12. The company's diversified profile of market-leading franchises makes it likely to continue turning in mid-teens earnings-per-share growth over the next few years. Shares of the Minneapolis medical device company were down 82 cents, or 1.60%, at $50.58 on volume of 17,045,400 shares versus the three-month running average of 4,242,860 shares. (NYSE: MDT)

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