Analyst Note
| Debbie S. Wang |Medtronic posted fiscal 2022 third-quarter results that held no surprises, and we’re leaving our fair value estimate intact as the firm is on track to meet our full-year estimates. We made slight downward adjustments on our projections for fiscal 2023 following measured comments by management about expected headwinds, including foreign currency, higher-than-normal inflation, and the impending acquisition of Affera. Nonetheless, since we value the company over two decades to reflect its wide economic moat, these tweaks to next year were immaterial to our valuation. With Medtronic's shares currently trading at a 22% discount to our intrinsic value and its dividend yield pushing up to 2.5%, we think conditions are attractive for long-term investors.