Oppenheimer Comments on ACC Meeting

In a research report published earlier today, Oppenheimer commented on the American College of Cardiology's meeting, which provided data points for Medtronic

. According to Oppenheimer, “With the Resolute drug-eluting stent (

) launch off to a strong start, MDT is targeting a doubling of its US DES share over the next 9-12 months, providing potential upside to our estimates. In renal denervation for hypertension, Simplicity data continue to look solid. MDT is focusing its R&D initiatives on iterating the device and pursuing new indications. Overall, within cardiovascular, we see MDT adjusting to today's market realities both by changing its interactions with customers (cross-selling across its multiple segments) and pursuing new markets (transcatheter heart valves, renal denervation, etc.).” Oppeneheimer maintains its Outperform rating and $45 PT on Medtronic, which closed yesterday at $40.00.