Medtronic, Inc. (MDT) PT Raised to $111 at Leerink Partners

Leerink Partners analyst Mike Kratky raised the price target on Medtronic, Inc. (NYSE: MDT) to $111.00 (from $110.00) while maintaining a Outperform rating.

The analyst comments "We are reiterating our Outperform rating on MDT and increasing our PT to $111 (from $110). Aside from the potential implications of Elliott Management's newly announced stake in MDT introducing a new pillar for the bull thesis (our note HERE), the #1 positive takeaway from yesterday's earnings was that MDT delivered another standout performance from its Cardiac Ablation Solutions (CAS) business during the quarter, and management is now pointing to a continued acceleration in growth in both F2Q26 and F2H26. On the negative side, weakness in U.S. sales across MDT's segments bogged down company-wide organic growth and re-fueled concerns on the stability of MDT's base businesses. Coupled with relatively elevated buyside expectations coming into the quarter, we are not surprised MDT shares were under pressure yesterday. Overall, however, we remain squarely positive on the stock based on (1) MDT's potent combination of key growth drivers including CAS and renal denervation driving an inflection in topline growth, (2) a slew of upcoming catalysts that should help support more stability in MDT's base businesses, (3) a significant transformation already underway that will lead to a sharpened focus on high-growth businesses and yield more consistent improvements in profitability, (4) a clear shift in MDT's M&A strategy that could help further bolster its long-term growth profile, and (5) relative valuation near >30-year trough levels."

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