Medtronic plc (NYSE:MDT) is one of the best healthcare stocks to buy with highest upside potential.
On May 21, Goldman Sachs reinstated coverage of Medtronic plc (NYSE:MDT) with a Neutral rating and set a $84 price target on the stock, which offers 7.5% upside potential
The firm told investors in a research note that the shares at current levels offer a balanced risk/reward, trading at a 10% discount to Medtronic’s large-cap medical technology peers. Goldman Sachs added that it wants to see improving revenue and earnings growth before recommending the shares. In a separate development, Medtronic plc (NYSE:MDT) announced on May 20 its intention to acquire SPR Therapeutics, Inc. (SPR), which is a privately held medical technology company that holds a leading position in temporary, percutaneous peripheral nerve stimulation therapies for chronic pain management.
Management stated that the transaction comprises an upfront cash payment of approximately $650 million for all the outstanding equity in SPR, and is subject to customary closing conditions and regulatory approvals. Medtronic plc (NYSE:MDT) is a medical technology company that manufactures, distributes, and sells device-based medical services and therapies. It operates under four primary segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.