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Medtronic kept at market outperform by JMP
Medtronic, Inc. was maintained at a market outperform rating by JMP Securities analyst Robert C. Faulkner after the company announced its intention to issue up to $4.4 billion of convertible debt to be used for share repurchases and retirement of existing debt. Three is a potential for an acquisition, with Zimmer Holdings an attractive candidate. JMP calculates potential earnings per share accretion of $0.07 in 2007 and $0.08 in 2008. Shares of the Minneapolis medical device company were up $0.54, or 1.07%, at $51.04 on volume of 7,491,500 shares versus the three-month running average of 4,510,470 shares. (NYSE: MDT)
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