NEW YORK (TheStreet) -- Shares of Medtronic (MDT) were gaining 4% to $71.98 Tuesday after the medical appliances and equipment company met analysts' estimates for earnings and revenue in the fiscal second quarter.
The company reported earnings of 96 cents a share for the fiscal second quarter, in line with analysts' estimates for the quarter. Revenue grew 4.3% year over year to $4.37 billion in the quarter. Analysts' surveyed by Zacks Investment Research expected revenue of $4.36 billion for the quarter.
Medtronic also said that its $42.9 billion acquisition of Covidien (COV) is still on track. The company expects the deal to close in early 2015.
TheStreet Ratings team rates MEDTRONIC INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MEDTRONIC INC (MDT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."