Medtronic, Inc. (MDT) Cutting HeartWare HVAD Pump Could be a Financial Positive - Piper Sandler

Piper Sandler analyst Matt O'Brien reiterated an Overweight rating and $140.00 price target on Medtronic, Inc. (NYSE: MDT) after the company announced that it would be stopping the distribution and sale of its HeartWare HVAD pump system. The statement comes on the heels of numerous Class I recalls and mounting evidence of patient injuries and deaths associated with the device.

The analyst stated "Given the tumultuous history of the LVAD devices in general and increased share-taking in the category by ABT’s HeartMate 3 device, we see the move to discontinue as a prudent decision by management. The financial impact from the loss of revenue looks relatively minimal to us, and in fact, we believe the overall impact to the business may actually turn out to be positive."

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 $123.07 yesterday.

You May Also Be Interested In

• Medtronic sets 4.5939 exchange ratio in MiniMed split-off
• UBS Starts WinWay Technology Co (6515:TT) at Buy
• Technip Energies NV (TE:FP) PT Lowered to EUR33 at BofA Securities