Wells Fargo is getting more bullish on shares of Medtronic . Analyst Larry Biegelsen upgraded the medical device maker to overweight from equal weight in a Sunday note, saying that shares should benefit from improving medtech trends and a "maturing" product pipeline. "We rate MDT Overweight as we believe that the company will benefit as underlying medtech markets improve as staffing shortages ease in major markets," he said. "We also see support from MDT's pipeline.
Food and Drug Administration's approval of its upgraded insulin pump known as 780G. He called the approval, which was announced earlier this month , a "major milestone" able to "help stop the bleeding in MDT's diabetes business." The company's diabetes business has grown roughly 15% year to date in areas outside the U.S. where the product's been in the market since 2020, Biegelsen noted.
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