Several analysts initiated coverage on Medline Inc. (NASDAQ:MDLN) on Monday, one of the largest providers of medical-surgical products and supply chain solutions.
Its product portfolio includes surgical kits, wheelchairs, crutches, hospital beds, fluid delivery sets, syringes, and pressure monitoring lines, among others.
In December 2025, Medline closed its upsized initial public offering of 248.44 million shares at $29.00 per share, raising over $7 billion.
Reuters noted that the Medline IPO was the biggest globally in 2025.
As per data from Benzinga Pro, Medline commands a market capitalization of around $32 billion.
Bank of America Securities initiated coverage of Medline with a Buy rating and a $50 price forecast, implying 23% potential upside. Analyst Andrew Obin said Medline is the U.S. market leader in the manufacturing and distribution of medical-surgical products.
“We think the company will deliver sustainable high-single digit organic growth on market share gains and strong med-surg demand. We see upside to estimates from potential M&A,” Obin wrote on Monday.
BTIG initiated Medline with a Buy rating and a price forecast of $50. “We view Medline as being the ‘gold standard’ for logistics and supply chain services,” wrote analyst David Larsen.
Analyst Larsen said that stable pricing and disciplined execution have enabled Medline to gain and expand market share in a $375 billion total addressable market, including $175 billion in the U.S. He expects 2025 revenue growth of 11% year over year, outpacing many competitors.
RBC Capital Markets initiated with an Outperform rating and a price forecast of $47.
Analyst Ryan Halsted wrote, “We believe MDLN is poised to leverage their unique vertically integrated business model during a time of underlying macro tailwinds…”
The analyst also noted that IPO proceeds, after paying down $4 billion in debt, provide Medline with ~$1 billion in dry powder, which could be deployed either for M&A or international market expansion, which is additive to Medline’s high single-digit organic topline growth.
Piper Sandler initiated with an Overweight rating and a price target of $50.
Analyst Jason Bednar said, “MDLN’s Prime Vendor strategy is the secret sauce, the crucial element that provides an avenue for sustained growth.”
Medline’s consistent history of growth and business model differentiation provides a defensible valuation floor, Piper analyst added.
Stifel initiated with a Buy rating and a price forecast of $46.
Analyst Rick Wise on Monday wrote, “Medline’s high-single-digit or better sales growth outlook is strongly underpinned by the company’s success in annually winning new prime vendor relationships.”
Analyst Wise added that Medline is the largest pureplay publicly-traded MedSurg product & distribution company, with a 58-year consistent annual growth track record and a unique business model.
TD Cowen initiated with a Buy rating and a price target of $46.
“We believe Medline, the leading med-surg distributor/manufacturer, can continue to take market share, see margin expansion from conversion to branded products, and grow from M&A/entering new markets.”
Medline’s combined portfolio breadth and low product costs have allowed it to take significant market share from competitors.
Analyst Charles Rhyee added that tariffs are a large but manageable risk.
MDLN Price Action: Medline shares were up 3.44% at $41.91 at the time of publication on Monday, according to Benzinga Pro data.
