Barclays analyst Matt Miksic upgraded Medtronic to Overweight from Equal Weight with a price target of $104, up from $89, after the FDA announced approval of Medtronic’s 780G system. Approval of the 780G pump and Guardian 4 sensor provides "a favorable outcome to one of the issues keeping us on the sidelines," says the firm, which adds that it thinks it is "time to get more constructive on the stock" with fiscal Q4 results the FY24 outlook about four weeks away. The pump and sensor approval lifts uncertainty related to diabetes and "opens the door for potential approval" of the company’s next-gen Simplera sensor, the firm added.
Published first on TheFly
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Read More on MDT:
- Medtronic Gains Ground Following Analyst Praise
- Medtronic upgraded to Overweight from Equal Weight at Barclays
- Medtronic 780G system approval an ‘incremental positive,’ says Morgan Stanley
- Wells Fargo upgrades Medtronic to Overweight, raises price target to $100
- Medtronic upgraded to Overweight from Equal Weight at Wells Fargo
