MDT saw its stock trading at around $90 in late June 2022, just before the Fed started increasing rates, and is now 3% below that level, underperforming the broader markets, with the S&P 500 rising 16% over this period. Our detailed analysis of Medtronic’s upside post-inflation shock captures trends in the company’s stock during the turbulent market conditions seen over 2022. That said, the expected decline in near-term earnings, partly due to the higher inflation and foreign currency translation, remains a risk factor to realizing these gains.