Leerink analyst Mike Kratky initiated coverage of Medtronic (MDT) with an Outperform rating and $110 price target The firm notes Medtronic was an early pioneer in MedTech and remains a global leader in the space, though the stock has been a chronic underperformer over the past 5+ years. However, Leerink sees a positive “shifting tide” for Medtronic driven by the company’s Cardiac Ablation Solutions business offering a significant and underappreciated source of upside, its recently announced decision to separate its Diabetes business, the company’s portfolio having relatively significant exposure to several other high-growth end-markets, and a clear shift in Medtronic’s M&A strategy that could help bolster its longer-term growth portfolio.
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