Do Wall Street Analysts Like Medtronic Stock?

Galway, Ireland-based Medtronic plc (MDT) develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients. Valued at $109.3 billion by market cap, the company’s principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders.

Shares of this medical devices giant have underperformed the broader market over the past year. MDT has declined 3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 21.8%. In 2026, MDT stock is down 9.8%, compared to the SPX’s 11% rise on a YTD basis. 

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Narrowing the focus, MDT’s outperformance is apparent compared to the iShares U.S. Medical Devices ETF (IHI). The exchange-traded fund has declined about 9.1% over the past year. Moreover, MDT’s single-digit dip on a YTD basis outshines the ETF’s 12.8% losses over the same time frame.

Medtronic’s performance reflects resilience amid macro pressure, with margin headwinds proving less severe than feared and cash flow remaining strong enough to support the balance sheet. Growth is being led by AI and robotics, highlighted by the launch of the NVIDIA Corporation (NVDA)-powered Touch Surgery Aide and the FDA clearance for Hugo’s Instrument Exit Point, where procedure volumes are growing 2x to 3x the market. Core franchises are also stable, with CAS expected to grow mid-to-high teens in fiscal 2027 with Medtronic outpacing at more than 2x, CRM and Medical-Surgical posting mid-single-digit growth, and TAVR stabilized. The MiniMed Group, Inc. (MMED) spin-off was completed to sharpen focus and drive higher margins, while nearly $2 billion in M&A including CathWorks adds to the pipeline. Symplicity is annualizing near $100 million and expanding quickly post-coverage. Furthermore, key risks remain around tariffs, competition, and AI cybersecurity, but momentum in AI, robotics, and new product launches positions Medtronic for continued outperformance.

For the current fiscal year, ending in April 2027, analysts expect MDT’s EPS to grow 7.4% to $5.94 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 29 analysts covering MDT stock, the consensus is a “Moderate Buy.” That’s based on 15 “Strong Buy” ratings, two “Moderate Buys,” and 12 “Holds.”

This configuration is more bullish than a month ago, with 14 analysts suggesting a “Strong Buy.”

On Jul. 28, UBS upgraded MDT to a “Buy” rating with a price target of $100, implying a potential upside of 15.4% from current levels.

The mean price target of $96.81 represents an 11.7% premium to MDT’s current price levels. The Street-high price target of $120 suggests an upside potential of 38.4%.

On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com