The only standard by which this past quarter was good for the major med-tech companies was that it could have been worse. While Covidien (COV) did pretty well and Johnson & Johnson (JNJ) looked a little stronger, most of the reports carried a tinge of disappointment to them. Well, Medtronic (MDT) at least brings the reporting cycle to a positive end. While I'm not especially confident that this quarter marks a big turn in revenue growth, this does look like a high-quality med-tech stock trading too cheaply.
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For Medtronic, A Little Improvement Is Still Improvement