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.
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