Travis Steed, an analyst from Bank of America Securities, maintained the Buy rating on Medtronic (MDT – Research Report). The associated price target remains the same with $100.00.
Travis Steed’s rating is based on the supportive public comments regarding the broad coverage of Renal Denervation (RDN) and its potential to address an unmet medical need. The public comments, which include endorsements from major cardiovascular societies and industry representatives, highlight the procedure’s effectiveness and potential for widespread adoption. This positive sentiment suggests a significant referral opportunity for Medtronic once RDN receives coverage approval.
Additionally, the RDN procedure is praised for its durability and ability to provide consistent blood pressure reduction, which could lead to cost savings for Medicare by reducing hypertension-related conditions. The comments emphasize that RDN could be a viable option for patients with resistant or uncontrolled hypertension, further supporting its potential market impact. These factors contribute to Steed’s optimistic outlook and Buy rating for Medtronic’s stock.
According to TipRanks, Steed is a 5-star analyst with an average return of 11.0% and a 63.55% success rate. Steed covers the Healthcare sector, focusing on stocks such as Edwards Lifesciences, Medtronic, and Becton Dickinson.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $105.00 price target.