3 Reasons Medtronic's Stock Can Continue Rallying Higher
(NYSE: MDT) hasn't been a terribly hot stock to own in recent years. Since 2021, its shares have declined by more than 20%. But recently, investors do appear to have been giving the stock a second look. The business is growing at a time when some companies are struggling due to inflation and people cutting back on spending.
The medical device maker can potentially be a safer option for investors to consider right now. The stock has been picking up steam of late, and there could be a lot more upside and room for it to run even higher, for the following three reasons.
Medtronic may be an underrated beneficiary of declining interest rates. That's because as rates come down, it becomes less expensive for hospitals and companies that buy Medtronic's devices to finance them. That can help give its growth rate a bit of a boost.
Source Fool.com
Medtronic plc Stock
With 42 Buy predictions and 1 Sell predictions Medtronic plc is one of the favorites of our community.
As a result the target price of 96 € shows a positive potential of 20.91% compared to the current price of 79.4 € for Medtronic plc.
