Bank of America Securities analyst Travis Steed has maintained their bullish stance on MDT stock, giving a Buy rating today.
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Travis Steed has given his Buy rating due to a combination of factors, primarily focusing on the promising results from Medtronic’s Symplicity SPYRAL pivotal trial. The three-year data from this trial showed significant improvements in renal denervation (RDN) outcomes, with enhanced durability and safety, and a notable reduction in adverse clinical events. The trial results indicated that patients who underwent the RDN procedure experienced substantial improvements in systolic blood pressure control, which is expected to positively impact the market.
Steed also highlighted the potential market growth for RDN, projecting it to become a $1-2 billion market in the next five years, contributing to Medtronic’s revenue growth. The anticipation of a finalized national coverage decision (NCD) for RDN further supports this optimistic outlook. Additionally, the overall pipeline development at Medtronic is expected to accelerate revenue growth and enhance earnings per share (EPS) leverage, reinforcing the Buy recommendation.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $106.00 price target.