Medtronic's Q2 Beat Rekindles Growth Story — But Analysts Say It's Not Enough Yet

Author: Priya Nigam | November 19, 2025 10:34am

Shares of Medtronic PLC (NYSE:MDT) inched higher in early trading on Wednesday, as the company on Tuesday reported strong fiscal second-quarter results.

• MDT is approaching key resistance levels. Follow the breaking news here.

Here are some key analyst takeaways:

• Needham analyst Mike Matson maintained a Hold rating on the stock.
• BTIG analyst Ryan Zimmerman reiterated a Neutral rating.

Check out other analyst stock ratings.

Needham: Medtronic reported revenues of $8.961 billion, topping consensus of $8.867 billion, and non-GAAP earnings of $1.36 per share, beating expectations of $1.31 per share, Matson said in a note. Organic revenue growth was driven by the Cardiovascular and Diabetes businesses, he added.

Management raised their full-year organic revenue growth guidance to around 5.5%, from their earlier projection of about 5%, and non-GAAP earnings guidance to $5.62-$5.66 per share, from the prior $5.60-$5.66 per share, the analyst stated. "We believe that MDT is in the early stages of a strong product cycle, and we are encouraged by its improved growth in F2Q26," he further wrote.

BTIG: Medtronic reported strong quarterly results, with a robust performance by Cardiovascular and Diabetes businesses offsetting softer results in Medical-Surgical and Neuroscience, Zimmerman said. "In our view, this was MDT’s best quarter in a while even as margin performance was mixed," he wrote.

Although gross margins improved and exceeded estimates, Medtronic's operating margins contracted and missed consensus estimates as the company increased its operating investments to fund more robust growth, the analyst stated. The stock already reflects the improved quarterly performance and optimism around Medtronic's pipeline, he added.

MDT Price Action: Medtronic shares were up 0.13% at $100.93 at the time of publication on Wednesday. The stock is approaching its 52-week high of $102.48, according to Benzinga Pro data.

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Posted In: MDT