ICU Medical resumed with an Overweight at KeyBanc

KeyBanc resumed coverage of ICU Medical with an Overweight rating and $134 price target. The analyst resumed coverage of the medical technology sector with a constructive view on the space. Industry fundamentals appear broadly positive relative to the past few years, the analyst tells investors in a research note. The firm would maintain or increase MedTech exposure into 2024, believing “several limiting factors are now in the rearview,” including previous COVID resurgences and subsequent staffing and supply chain challenges. Additionally, it expects a return to more consistent mid-single-digit average growth trends, supported by a healthy backdrop for hospital activity and elective procedural trends exiting 2023.