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

Michael Sarcone, CFA * | Equity Analyst1 (212) 778-8606 | msarcone@jefferies.comMatthew Taylor, CFA * | Equity Analyst1 (212) 778-8721 | matt.taylor@jefferies.comYoung Li * | Equity Analyst+1 (212) 778-8671 | young.li@jefferies.comMichael Toomey, CFA * | Equity Analyst+1 (212) 708-2630 | mtoomey2@jefferies.comMatthew Aspro * | Equity Associate+1 (212) 323-3907 | maspro@jefferies.com Company Valuation/RisksAbbott LaboratoriesOur $137 PT is based on ~24x our '26E EPS. Downside risks include slowing procedure trends, increased competition, litigation risks, and continuedmacro headwinds, including tariffs and rising unemployment. Upside risks include faster-than-expected procedure growth, strong product rollouts,M&A value creation, and improvement in the macro environment including tariffs abating.Boston Scientific CorpOur $122 price target is based on 37x our 2026E EPS. Downside risks include pressure on elective procedures, macro headwinds, product delays,higher taxes and tariffs, TAVR delays or US program shutdown, and share loss due to increasing competition, especially in PFA/EP.Medtronic PLCOur $90 PT is based on 16x our '26E EPS. Downside risks include slower-than-expected procedure growth trends, regulatory delays, increasedcompetition, and higher inflation and FX headwinds. Upside risks include faster-than-expected growth in procedures, strong product rollouts,especially in Diabetes, Renal Denervation, AF, and Robotic surgery, improvement in FX headwinds, and inflation abating.Analyst Certification:I, Michael Sarcone, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Matthew Taylor, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Young Li, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Michael Toomey, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Matthew Aspro, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresSteven DeSanctis owns shares of Medtronic Inc. common shares.Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investmentbanking services from non-investment banking, securities related compensation for client services it provided to Boston Scientific Corp.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.Please see important disclosure information on pages 2 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 22, 2025 , 10:34 ET.May 22, 20