Solventum initiated with a Buy at Stifel

Stifel analyst Rick Wise initiated coverage of Solventum with a Buy rating and $82 price target Solventum is a $8.2B diversified medical technology company addressing the global medical surgical, dental, health information systems and purification/filtration markets, the analyst tells investors in a research note. The firm says that post the spinoff, Solventum is off to a better than expected start, delivering above-consensus Q2 results and higher 2024 organic sales growth guidance. Stifel believes the Q2 results are early positive signal for what’s ahead as Solventum’s multi-year transformation unfolds. It expects management’s “prudent” expectation-setting and better than expected execution to continue.