Citi entering 2024 ‘cautiously optimistic’ on U.S. MedTech companies

Citianalyst Joanne Wuenschanalyst Joanne Wuensch tells investors in a research note that the firm is entering 2024 cautiously optimistic on MedTech, saying the macro environment seems stable, MedTech trades well in an election year, and GLP-1 concerns are well understood. The firm named Boston Scientific (BSX), Intuitive Surgical (ISRG), and iRhythm (IRTC) as Top Picks, and updated its price target for Abbott (ABT) to $123 from $122, Bausch & Lomb (BHC) to $21 from $23, Baxter (BAX) to $39 from $37, Boston Scientific to $65 from $63, and DexCom (DXCM) to $140 from $115. The company also updated price targets for Edwards Lifesciences (EW) to $77 from $85, Haemonetics (HAE) to $90 from $95, Integer (ITGR) to $95 from $88, Integra Lifesciences (IART) to $38 from 36, iRhythm to $110 from $85, Medtronic (MDT) to $86 from $85, Nevro (NVRO) to $20 from $16, Stryker (SYK) to $340 from $330, Tandem Diabetes (TNDM) to $25 from $18, and Zimmer Biomet (ZBH) to $130 from $120.