The logo of Medtronic Inc. is displayed at Medtronic Singapore Operations (MSO), the company's new manufacturing facility in Singapore, on Thursday, March 10, 2011. Medtronic, the world's largest maker of heart devices, plans to hire about 600 people in India and China as it seeks to double the sales contribution from emerging markets within five years. Photographer: Munshi Ahmed/Bloomberg
Medtronic gets upgrade
Deutsche Bank analyst Kristen Stewart, writing in advance of a key medical device conference later this month, raised her recommendation on Medtronic from ‘‘hold’’ to ‘‘buy.’’
Stewart sees the 25th Annual Transcatheter Cardiovascular Therapeutics conference where Medtronic will make key presentations on drug-coated stents, and other coming events as growth catalysts for Medtronic.
Stewart credits Omar Ishrak for setting the right path for Medtronic since being named CEO: “We believe there has been measurable progress’’ in key areas at Medtronic, she wrote.
New Approval gets Bumps
Last week, shares of Cardiovascular Systems Inc. jumped after it got FDA approval to market its Diamondback 360 Coronary Orbital Atherectomy System as a treatment for severely calcified coronary arteries.
The system had been successfully used on calcified arteries in the leg. The approval should boost sales.
In a note to investors, William Blair analyst Margaret Kaczor wrote: “In fiscal 2014 and 2015, the company should be able to deliver 17 percent to 18 percent revenue growth with the new two-pronged franchise.”