Medtronic Inc. received an upward revision from Needham on Wednesday, as the brokerage raised its price target to $114 from $101 while maintaining a buy rating on the medical device maker’s shares.
The adjustment reflects expectations that Medtronic will exceed consensus revenue and earnings-per-share estimates for the first quarter of fiscal year 2027, driven by a new product cycle that includes the Affera PFA system, the Symplicity RDN system and the Hugo robot. Needham also cited stable market growth and conservative management guidance as supporting factors.
Medtronic’s shares were trading at $92.02 at the time of the update, up 0.97% on the day. The company is scheduled to report its Q1 FY27 results on September 1, 2026.
Peer analysts have also revised their targets. Piper Sandler maintained a neutral rating with a $85 price target, while TD Cowen lowered its target to $100 from $119 but kept its buy recommendation.
Medtronic’s revenue grew 8.4% over the trailing twelve months. The company completed the acquisition of SPR Therapeutics for $650 million in cash to expand into short-term peripheral nerve stimulation therapies for pain management, aligning with non-opioid and non-surgical treatment approaches.
A separate legal development saw a federal jury order Medtronic’s Covidien unit to pay $88 million in a lawsuit related to complications from hernia surgical meshes, highlighting ongoing liability risks in the company’s product portfolio.
