IntriCon (NASDAQ:IIN) is best known for designing, developing and manufacturing hearing aids as well as other biotelemetry devices, or devices used to monitor biological conditions from a distance.
Dougherty analyst Kyle Bauser deems IIN as a key player in the medical technology industry, stating that
the company has a solid reach within compelling end markets. In a note
to clients, the analyst makes the argument that IIN has been
underappreciated by investors when its stellar manufacturing capabilities, high growth end markets and upcoming catalysts are taken into consideration.
These catalysts include its largest customer, Medtronic (NYSE:MDT), expanding its MiniMed 670G Insulin Pump System
launch as well as an update regarding Food and Drug Administration
hearing aid regulation. A draft for the OTC Hearing Aid Act is expected
within the coming weeks, with the final regulation slated for release in
the next six months.
To this end, Bauser initiated coverage by issuing a bullish recommendation and attached a $34 price target. This implies shares could skyrocket 82% over the next twelve months.
Other analysts share Bauser’s optimistic
view of IIN. With it racking up 100% Street support in the previous
three months, the med tech stock earns a Strong Buy consensus rating.
Not to mention its $32 average price target brings the upside potential