Analyst Josh Jennings from TD Cowen maintained a Buy rating on Medtronic (MDT – Research Report) and keeping the price target at $95.00.
Josh Jennings has given his Buy rating due to a combination of factors, primarily driven by the promising results from Medtronic’s SMART trial. The trial’s two-year follow-up results highlight the Evolut TAVR platform’s superior performance in terms of bioprosthetic valve dysfunction (BVD) rates when compared to Edwards Lifesciences’ Sapien system, particularly in patients with small annuli.
Medtronic’s Evolut system demonstrated a significant advantage in hemodynamic performance, which is linked to a lower rate of BVD. This is crucial as BVD is associated with increased risks of mortality and rehospitalization. The trial results are expected to bolster Medtronic’s market positioning by emphasizing the clinical relevance of Evolut’s outcomes, potentially leading to a more substantial market share in the future.
Jennings covers the Healthcare sector, focusing on stocks such as Boston Scientific, Vericel, and Alphatec Holdings. According to TipRanks, Jennings has an average return of 3.7% and a 49.09% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $109.00 price target.
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