Medtronic Remains A Top Pick At UBS Following HeartWare Deal

UBS analyst Mike Miksic offered up comments on Medtronic late Monday evening. The research note followed news earlier Monday Medtronic will buy HeartWare International Inc HTWR at $58 per share in cash.

The deal "fits strategically, works financially," Miksic highlighted. He noted "the deal is in-line with the company's recent comments regarding 'tuck-in' acquisitions at the company's recent Investor Day, which called for ~$1.5 bil of incremental acquisitions annually."

Miksic said the deal should be accretive to FY19 earnings and past, but will add to sales growth "almost immediately."

The analyst reiterated a Buy rating and $92 price target on Medtronic shares following the HeartWare deal.