Medtronic PLC "Momentum into 2027 Seemingly Strong; Drivers of Growth Accel..."

研报英文原文证据摘录

Medtronic PLC "Momentum into 2027 Seemingly Strong; Drivers of Growth Accel..."

Global Research

4 June 2026ab

Medtronic PLC Equities

United StatesMomentum into 2027 Seemingly Strong; Drivers

of Growth Accel Key Focus Medical Supplies

12-month rating Neutral

12m price target US$85.00Solid Quarterly Beat ; PFA/CAS Momentum Shines but Base Biz Still Strong

Prior : US$90.00

MDT shares closed higher after a solid FY4Q26 print and seemingly conservative

guidance. While CAS was clearly the bright spot -- and we think above investor Price (03 Jun 2026) US$77.95

expectations -- with 78% growth WW, continued share gains (+8 points in the US), and RIC: MDT.N BBG: MDT US

installed base momentum (40% q/q), other new product contributions also seem to be

materializing (e.g. RDN, Hugo, Stealth AXiS). Combined, these business lines suggest Trading data and key metrics

improving execution and growing portfolio strength as MDT continues to focus on 52-wk range US$105.35-73.75

pipeline investments and share gains. Ultimately, while we see MDT delivering some Market cap. US$100b

relief in what has been a particularly tough MedTech tape YTD, we do acknowledge that Shares o/s 1,284m (COM)

share appreciation from here will likely be reliant on the company's ability to execute on Free float 100%

2027 upside drivers (especially as we anniversary some key launches) while also Avg. daily volume ('000) 2,323

managing margin expansion potential amidst both macro and MDT dynamics. Avg. daily value (m) US$191.1

Common s/h equity (04/26E) US$49.8b

Estimates Updated to Reflect Management Commentary and Q3 Performance P/BV (04/26E) 2.0x

Following Q4 earnings we are updating our estimates to reflect management's Net debt to EBITDA (04/26E) 2.6x

guidance of +6.75-7.25% organic revenue growth in 2027.