Evercore ISI Starts Medtronic, Inc. (MDT) at Hold
Get Alerts MDT Hot Sheet
Rating Summary:
17 Buy, 21 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
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Evercore ISI initiates coverage on Medtronic, Inc. (NYSE: MDT) with a Hold rating and a price target of $83.50.
Analyst Vijay Kumar said, "MDT is enjoying in what can be argued as one of the strongest new product cycles within the industry, which is highlighted by CoreValve TAVI (which has grown >50% since US approval in 2014) and Reveal LINQ remote cardiac diagnostics (annualizing at ~$500MM run rate)."
The analyst also said industry pricing pressures are moderating, which should benefit the base business segments such as cardiac rhythm management (CRM) and spinal segments.
Finally, the analyst said the COV acquisition "could be a seminal event in the industry, with MDT attempting to capitalize from a 'one-stop-shop' strategy by offering a wide breadth of products to a customer base (hospitals) that is facing significant pressures."
For an analyst ratings summary and ratings history on Medtronic, Inc. click here. For more ratings news on Medtronic, Inc. click here.
Shares of Medtronic, Inc. closed at $77.82 yesterday.
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