Medtronic (MDT) has introduced Prevail™, a drug-coated balloon (DCB) Catheter, in Europe, which is designed to cure narrowed or blocked coronary arteries in patients suffering from coronary artery disease.
Prevail DCB has shown remarkable results in patients with complex lesions as well. The company said it uses PowerTrac™, an enhanced technology that enables greater control for tortuous anatomies. In addition, Prevail DCB has a low crossing profile for exceptional crossability.
Medtronic’s DCB will be available in Europe only, as it has not been approved in the U.S. so far. (See Medtronic stock chart on TipRanks)
“The launch of the Prevail DCB not only underscores our global leadership and commitment to interventional cardiologists around the world but also highlights our strong focus on complex PCI,” said Jason Weidman, senior Vice-President and President of the Coronary and Renal Denervation business, which is a part of the Cardiovascular Portfolio at Medtronic.
Two months ago, Piper Sandler analyst Matthew O’Brien reiterated a Buy rating on the stock with a price target of $140 (8.9% upside potential).
The analyst is of the opinion that though the timing on return to market growth remains unclear, new AID and standalone CGM and MDI launches are likely to be key drivers for the segment turnaround.
Based on 16 Buys and 2 Holds, consensus among analysts is a Strong Buy. The average Medtronic analyst price target stands at $141.82, which implies upside potential of 10.3% from current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on MDT, compared to the sector average of 70%.
Related News:
Cortexyme Develops 3CLpro Inhibitor to Treat COVID-19 Infection
NextEra Energy Beats on Q2 Earnings, Expects 6% – 8% Long-Term EPS Growth
American Express Q2 Earnings Top Estimates; Shares Rise
