BofA Securities raised its price target for MiniMed Group to $28 from $24, citing the company’s recent FDA submission for its Fit insulin patch pump and an accelerated CE mark for the Flex device.
The new target represents 2.0 times projected calendar 2027 sales, up from 1.8 times under the prior $24 target. Wells Fargo and BTIG also raised their targets to $26 and $28, respectively. MiniMed’s stock was trading at $22.42, near its 52-week high of $22.74.
First-quarter revenue reached $843 million, a 15.8% organic increase year-over-year and 2% above consensus estimates. U.S. revenue grew in the high single digits, while international sales rose in the low double digits. An extra selling week contributed an estimated 4% to 6% to Q1 revenue.
Analysts noted MiniMed’s Fit device submission to the FDA, with a launch now expected in Summer 2027. The company also received the CE mark for Flex ahead of schedule, with the device set to launch in November. Analysts anticipate profitability this year despite current losses.
Regional performance showed U.S. sales at $240 million and international sales at $603 million. Trailing 12-month revenue growth stood at 14%. Analyst consensus sentiment was marked at 1.46, indicating a strong buy rating.
