Wells Fargo analyst Larry Biegelsen has maintained their bullish stance on MDT stock, giving a Buy rating on February 29.
Larry Biegelsen’s rating is based on the optimistic outlook for Medtronic following recent developments. The FDA’s clearance of Medtronic’s Affera mapping system is a significant positive, as it lays the groundwork for the potential approval of the Affera Sphere-9 catheter in the second half of 2024. The Affera system utilizes an integrated mapping approach, which was cleared through the FDA’s 510(k) pathway, indicating a strong precedent for future product approvals. Biegelsen anticipates that the upcoming presentation of the Affera Sphere Per-AF pivotal trial results at the HRS in May will further support the case for approval and adoption of the technology, particularly as it addresses persistent atrial fibrillation (AF), a condition with a robust market need.
Additionally, the Affera Sphere-9 catheter’s anticipated approval process, similar to that of Boston Scientific’s (BSX) Farapulse, suggests a favorable regulatory trajectory. The differentiation of Medtronic’s trial, focusing on persistent AF as opposed to the paroxysmal AF addressed in the Farapulse ADVENT trial, offers a unique position in the market. These factors, combined with Wells Fargo’s analysis of the company’s financials and growth potential, inform Biegelsen’s Buy rating for Medtronic, indicating a positive outlook for the company’s stock performance.
In another report released on February 29, Stifel Nicolaus also maintained a Buy rating on the stock with a $100.00 price target.
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Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MDT in relation to earlier this year.
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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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