TD Cowen Affirms Buy Rating on Medtronic, Inc. (MDT) on RDN Therapy Prospects

Medtronic plc (NYSE:MDT) is one of the top stock picks in Ken Griffin’s portfolio. On August 25, analysts at TD Cowen reiterated a ‘Buy’ rating on the stock and a $106 price target. The bullish stance comes as the research firm remains optimistic about the company’s coverage for renal denervation (RDN) therapy.

The company’s letter to the Centers for Medicare and Medicaid Services (CMS) affirms alignment on RDN coverage terms. The research firm is optimistic that the CMS will establish broad-based coverage for RDN in its final decision in October. A favorable final decision would be a significant tailwind for Medtronic in unlocking new growth opportunities.

TD Cowen insists Medtronic is staring at a tremendous opportunity with the RDN therapy, given that approximately half of the 18 million US patients with uncontrolled hypertension are Medicare patients. Therefore, they represent a significant market that the company can target. The company has already secured favorable Medicare reimbursement for RDN.

Medtronic plc (NYSE:MDT) is a global healthcare technology company that develops and manufactures medical devices and therapies to treat a wide range of health conditions, including cardiac devices, robotics for cranial and spine surgery, and insulin pumps. By combining medical science with technology, the company aims to alleviate pain, restore health, and extend life, treating approximately 75 million people annually.

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Disclosure: None. This article is originally published at Insider Monkey.