Medtronic (MDT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Larry Biegelsen from Wells Fargo maintained a Buy rating on the stock and has a $102.00 price target.
Larry Biegelsen has given his Buy rating due to a combination of factors concerning Medtronic’s recent financial performance and future prospects. The company’s third fiscal quarter earnings surpassed expectations, largely due to strong international sales growth. Organic revenue growth was notable at 4.6% year-over-year, exceeding both consensus projections and previous guidance. Additionally, the company’s gross margin showed improvement, benefiting in part from a delayed implementation of the Volume-Based Procurement in China, which further bolsters the case for a positive outlook on the stock.
Enhancing the rationale for the Buy rating, Medtronic has made strategic decisions to retain its Patient Monitoring & Respiratory Interventions segment while exiting the less profitable ventilator business, indicating a sharpened focus on more lucrative areas. The company’s raised guidance for the full fiscal year 2024 suggests confidence in sustained growth and profitability. Furthermore, management’s commentary on the durability of mid-single digit organic growth into fiscal year 2025, supported by various product pipeline drivers and stable market conditions, provides additional encouragement for the stock’s future performance. These elements collectively justify Larry Biegelsen’s optimistic view on Medtronic’s stock.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $100.00 price target.
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Medtronic (MDT) Company Description:
Founded in 1949, Medtronic Plc, a medical technology company, develops, manufactures, distributes, and sells device-based medical therapies and services worldwide. It operates through four segments, including Cardiac and Vascular Group; Minimally Invasive Technologies Group; Restorative Therapies Group; and Diabetes Group. The company is headquartered in Dublin, Ireland.
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