Wells Fargo says that concerns around Medtronic’s (MDT) CAS business have emerged this morning following comments from a contract manufacturer, Integer (ITGR). Wells notes that Integer provided a depressed 2026 outlook on a revised demand outlook for two electrophysiology products and one emerging customer neuromodulation product. Integer would not confirm if the two EP products were from the same customer or different ones. The firm believes there is no change to Medtronic’s bullish CAS outlook. Wells has an Overweight rating on Medtronic with a price target of $100 on the shares.
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