2025-05-29-Jefferies-提醒_5月30日（周五）上午10点关键意见领袖电话会议_PFA市场最新情况_8页_113kb

Report Summary: USA Medical Supplies & Devices Equity Research (May 29, 2025)

Event Reminder

• KOL Call: Scheduled for Friday, May 30 at 10 AM ET with Dr. Jonathan Hsu.
• Topic: Update on PFA landscape, market share, mapping space, LAAC volume trends, and innovations in pacing/ICDs.
• Speaker: Dr. Jonathan Hsu, a board-certified cardiologist and electrophysiologist at UCSD, specializing in arrhythmia treatments and catheter ablation.

Equity Research Overview

This report provides valuation and risk analysis for key players in the medical supplies and devices sector, focusing on three companies.

Abbott Laboratories (ABT)

• Price Target: $137, based on ~24x estimated 2026 EPS.
• Downside Risks: Slowing procedure trends, increased competition, litigation, macro factors like tariffs and unemployment.
• Upside Risks: Faster procedure growth, strong product rollouts, M&A synergies, improving macro conditions.

Boston Scientific Corp (BSX)

• Price Target: $122, based on 37x estimated 2026 EPS.
• Downside Risks: Pressure on elective procedures, macro headwinds, product delays, taxes, tariffs, TAVR delays or program shutdowns, competition-driven share loss (especially in PFA/EP space).
• Upside Risks: Faster-than-expected procedure growth, strong product launches in Diabetes, Renal Denervation, AF, and Robot-assisted surgery.

Medtronic PLC (MDT)

• Price Target: $90, based on ~16x estimated 2026 EPS.
• Downside Risks: Slower procedure growth, regulatory delays, increased competition, inflation and FX headwinds.
• Upside Risks: Faster procedure growth, strong innovations (e.g., Diabetes, Renal Denervation, AF, Robotic Surgery), FX and inflation improvements.

Analyst Certifications

• All analysts certify that viewed opinions reflect their personal assessments and that compensation isn't tied to reports.
• Jefferies employed personnel may have conflicts of interest, impacting report objectivity, but it is intended as a single factor in investment decisions.

Summary

• Highlights are based on analyst conviction, risk-reward ratios, and investment themes. The focus is on procedural and product-driven growth, with key risks tied to macro and competitive factors.