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Piper Jaffray Downgrades Medtronic

Piper Jaffray downgrades Medtronic (MDT) to market perform from outperform.

Analyst Thomas Gunderson says implantable cardioverter defibrillators (ICDs) grew 17% in a market growing over 20%. He says his expectation was for greater than his estimated 24% growth, so surprise was exacerbated. He thinks St. Jude Medical had greater impact on cardiac resynchronization therapy defibrillator (CRT-D) sales than he, and possibly the company, had planned. He notes St. Jude Medical's Epic and Atlas HF were launched in first week in July, and Medtronic said last quarter there was no noticeable impact on its CRT-D sales.

Gunderson downgrades as ICDs were pulling up slack from other divisions, but now less than 20% ICD growth has more risk associated with it.

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