Target price of $100! Medical giant Medtronic receives "buy" rating
At the beginning of the US stock market, Medtronic rose more than 3%, up more than 10% this year, but still down more than 20% from a year ago.
Medical giant Medtronic, with a market value of hundreds of billions of dollars, saw its stock price rise after Wells Fargo raised its rating on Monday.
In early trading on the US stock market, Medtronic rose more than 3%, up more than 10% since the beginning of the year, but still down more than 20% from a year ago.
Analysts led by Larry Biegelsen raised Medtronic's target price from $77 to $100 and upgraded their rating from "hold" to "buy".
They said the overall medical technology market is improving and Medtronic's own product pipeline is maturing.
In a research report, Wells Fargo said the US Food and Drug Administration (FDA) approved the company's insulin pump, the miniMed 780G system, which uses so-called "dietary testing" technology to treat type 1 diabetes, calling it an "important milestone".
Medtronic said the miniMed 780G system is designed to automatically adjust and correct blood sugar levels every five minutes. It also helps explain when users underestimate the amount of carbohydrates in their diet.
Medtronic will release its first-quarter financial report on May 25.
