RBC Capital analysts updated their model and lowered their price target to $110 from $122 on Medtronic (NYSE:MDT) following the company’s recently announced Q1 results and 2023 guidance.

The company’s Q1 EPS came in at $1.13, better than the Street estimate of $1.12. Revenue was $7.4 billion, compared to the Street estimate of $7.22 billion. For the full 2023-year, the company expects EPS to be in the range of $5.53-$5.65, compared to the Street estimate of $5.56.

The analysts lowered their 2023 and 2024 revenue estimates down to $31.59 million (from $31.97 million) and to $33.13 million (from $33.77 million).