MiniMed initiated with a Buy at BofA

BofA analyst Travis Steed initiated coverage of MiniMed (MMED) with a Buy rating and $27 price target following its recent split via an IPO from Medtronic (MDT). MiniMed is at an inflection with a pipeline to accelerate growth, says the firm, which thinks if the company consistently executes on its plan out to FY30, the stock “will work” as today’s valuation is not reflective of outer year growth or free cash flow.