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Shares of Medtronic (MDT) gained 1.4% after the company received approval from the U.S. Food and Drug Administration for Vanta, a recharge-free implantable neurostimulator.
The neurostimulator offers personalized pain relief, broad MRI compatibility, and almost double the device life in certain settings.
It also uses MDT’s AdaptiveStim technology for customized pain relief that adjusts to the patient’s body position using a built-in accelerometer. (See MDT stock analysis on TipRanks)
VP and GM of Pain Therapies at Medtronic, Charlie Covert, said, “We are committed to delivering innovative solutions that meet the needs of every patient. Vanta neurostimulator offers the best hardware and features available today. We are pleased to offer this solution, which is now part of the strongest and broadest overall portfolio in this market.”
Argus Research analyst David Toung recently increased the price target from $135 to $150 (20.3% upside potential) and reiterated a Buy rating on the stock.
Overall, the stock has a Strong Buy consensus based on 18 Buys and 2 Holds. The MDT average analyst price target of $141.68 implies 13.6% upside potential from current levels. Shares of MDT have jumped 37.3% over the past year.
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