UPDATE: Oppenheimer Starts Titan Medical (TMDI) at Outperform, 'Intriguing Single-Port Robotic Surgery Platform'
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Oppenheimer analyst Suraj Kalia initiates coverage on Titan Medical (NASDAQ: TMDI) with a Outperform rating and a price target of $4.00.
The analyst comments "Based in Toronto, Canada, Titan is an emerging player in the robotic surgery space, with its Enos system the only other single-port robotic surgery platform besides Intuitive Surgical's da Vinci SP. Key to the story is the company's strategic partnership agreement with Medtronic announced in 2020, which requires Titan to develop key prototypes for Medtronic's robotic surgery program. The scarcity value of the technology, the "potential" to offer a more compelling value proposition, and the complementarity to multi-port systems from other players such as JNJ and Medtronic make Titan an attractive micro-cap play, as we see it."
Shares of Titan Medical closed at $1.73 yesterday.
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