MiniMed Group, Inc. (MMED) has received a new Buy rating, initiated by Bank of America Securities analyst, Travis Steed.
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Travis Steed has given his Buy rating due to a combination of factors tied to MiniMed’s growth inflection and attractive valuation profile. He believes the recent spin-off from Medtronic comes at a moment when MiniMed’s product pipeline, including the Flex next-generation durable pump and Fit patch pump, can accelerate revenue growth and drive meaningful free cash flow improvements by FY30.
He expects MiniMed to deliver a roughly 10% revenue CAGR from FY26–FY30, supported by rising CGM attachment rates, new sensor launches under the Abbott partnership, and further penetration in smart MDI patients. Steed also highlights that the stock trades at about 1x EV/2027 sales and a compelling implied 2030 FCF yield, while his $27 price objective (2x 2027 sales) reflects both MiniMed’s scale-driven margin potential and its differentiated, fully integrated pump/CGM offering, despite competitive and execution risks.
In another report released today, Evercore ISI also initiated coverage with a Buy rating on the stock with a $20.00 price target.