Analyst Larry Biegelsen of Wells Fargo maintained a Buy rating on Medtronic (MDT – Research Report), with a price target of $98.00.
Larry Biegelsen has given his Buy rating due to a combination of factors related to Medtronic’s performance in the Transcatheter Aortic Valve Replacement (TAVR) market. The recent presentation of Evolut 5-year low risk data at the American College of Cardiology was seen as positive for the TAVR category overall. This data, when combined with Partner 3 data, suggests that TAVR has comparable to slightly better mortality rates compared to Surgical Aortic Valve Replacement (SAVR), which is favorable for Medtronic.
Additionally, the Evolut trial demonstrated better mortality rates at reintervention in the TAVR arm, which addresses concerns within the surgeon community about the risks associated with reintervention post-TAVR. Despite the neutral impact on market share, the data supports the perception of TAVR as a viable and potentially superior option. This positive outlook on TAVR’s performance and its implications for Medtronic’s position in the market contribute to the Buy rating.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $100.00 price target.
Based on the recent corporate insider activity of 61 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.