Oppenheimer analyst Steven Lichtman maintained a Buy rating on Medtronic (MDT) today and set a price target of $104. The company’s shares closed on Friday at $93.79.
Lichtman observed:
“At ACC this weekend, positive data from two key MDT studies were presented— Evolut TAVR in low-risk patients and WRAP-IT evaluating MDT’s CRM antibacterial envelope in patients at increased risk for infection. Evolut proved non-inferior to surgery with key secondary endpoints demonstrating superiority including all-cause mortality or disabling stroke at 30 days. Positive low-risk data from MDT/EW should meaningfully expand the potential patient population. Separately on Friday, FDA expressed concerns about paclitaxel-coated device safety and will hold an advisory meeting. This will likely impact peripheral paclitaxel products (manufacturers include MDT and BSX) until further clarity is reached. The impacted products are <1% of MDT sales, however, and revenue upside opportunity from low-risk TAVR and WRAP-IT far outweighs in the medium term and beyond."
According to TipRanks.com, Lichtman ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -3.8% and a 50.5% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Helius Medical Technologies, Tandem Diabetes Care Inc, and Boston Scientific Corp.
Medtronic has an analyst consensus of Moderate Buy, with a price target consensus of $103.30.
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The company has a one-year high of $100.15 and a one-year low of $76.41. Currently, Medtronic has an average volume of 6.07M.
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