Could AI Boost Growth at Medtronic?
Medtronic (NYSE: MDT) has grown revenue over the years thanks to its solid portfolio of medical devices. The company sells devices worldwide in the areas of diabetes, cardiovascular, neuroscience, and surgical. And this generates billions of dollars in sales and profit annually.
But in recent times, this healthcare giant's big weakness has been a lack of growth. Medtronic has taken action, streamlining parts of the business and acquiring assets that could drive future revenue. That's good news. And there's another element that may help. It's a subject everyone's talking about these days: artificial intelligence (AI). Medtronic is incorporating AI into its devices more and more. Could this boost growth? Let's find out.
You may be wondering if AI really could equal earnings growth at a healthcare company. The short answer is "yes." That's because AI should greatly improve medical products and services. For example, it could make devices that are better at detecting disease earlier -- and that means more healthcare facilities are likely to invest in these particular tools. That results in more revenue for the maker of the product.
Source Fool.com
Medtronic plc Stock
With 6 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
As a result the target price of 91 € shows a positive potential of 22.86% compared to the current price of 74.07 € for Medtronic plc.
