Medtronic, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Josh Jennings from TD Cowen maintained a Buy rating on the stock and has a $119.00 price target.
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Josh Jennings has given his Buy rating due to a combination of factors, primarily focusing on Medtronic’s recent advancements and strategic positioning in the robotic-assisted surgery market. The early FDA clearance of Hugo, Medtronic’s robotic system, for urologic procedures is a significant milestone, coming five months ahead of expectations. This early approval allows Hugo to be used for high-volume procedures such as prostatectomy, nephrectomy, and cystectomy, which collectively represent a substantial market opportunity.
Furthermore, Medtronic’s Hugo system is distinguished by its modular design, digital connectivity, and integration with the Touch Surgery ecosystem, offering advantages over competing systems. The company’s extensive experience across various surgical modalities and its comprehensive clinical and technical expertise further bolster its competitive edge. The growing adoption of robotic surgery in the US, particularly in procedures where Hugo is now approved, supports the potential for increased market penetration and growth, underpinning Jennings’s optimistic outlook on Medtronic’s stock.
In another report released on November 26, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $118.00 price target.