Goldman (NYSE:GS) Lowers EPS Estimates on Medtronic (NYSE:MDT)

Goldman Sachs (NYSE:GS) cut its earnings estimates on Medtronic (NYSE:MDT) while maintaining a "Neutral" rating on the company.

Earnings were lowered in 2011 from $3.45 to $3.40, in 2012 from $3.67 to $3.60 and for 2013 from $3.97 to $3.45.

Goldman said shrinking gross markets, lower sales guidance and interest income were the factors they considered in their decision.

A price target of $36 is placed on Medtronic from Goldman, which closed Wednesday at $34.18 a share.