BUZZ-Wall Street bullish on MiniMed after $560 million IPO

Reuters04-01
BUZZ-Wall Street bullish on MiniMed after $560 million IPO

** Shares of Medtronic's diabetes business MiniMed MMED.O rise 3% to $14.79 after at least seven brokerages initiate coverage with largely bullish calls as research quiet period ends

** Co secured a valuation of $5.35 billion after shares opened 4.8% below their offer price in Nasdaq debut

** Analyst at BofA says, "the split is timely given MMED is at an inflection with a pipeline to accelerate growth"

** "We expect MMED to sustain HSD+ (nearly 10%) top line growth, supported by a refreshed product pipeline with better form factor, outcomes, and patient experience" - Evercore ISI

** Wells Fargo says, "the company is uniquely positioned with control over the full automated insulin delivery (AID) stack, including algorithm, pumps and digital infrastructure

** MMED down 28.25% since its debut on March 6

Brokerage

Rating

PT

Wells Fargo

Overweight

$26

BofA

Buy

$27

Deutsche Bank

Buy

$20

Mizuho

Outperform

$21

Evercore ISI

Outperform

$20

Citigroup

Buy

$23

Piper Sandler

Neutral

$16

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com;))

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