Wall Street bullish on MiniMed after $560 million IPO

Shares of Medtronic's diabetes business MiniMed MMED.O rise 3% to $14.79 after at least seven brokerages initiate coverage with largely bullish calls as research quiet period ends

Co secured a valuation of $5.35 billion after shares opened 4.8% below their offer price in Nasdaq debut

Analyst at BofA says, "the split is timely given MMED is at an inflection with a pipeline to accelerate growth"

"We expect MMED to sustain HSD+ (nearly 10%) top line growth, supported by a refreshed product pipeline with better form factor, outcomes, and patient experience" - Evercore ISI

Wells Fargo says, "the company is uniquely positioned with control over the full automated insulin delivery (AID) stack, including algorithm, pumps and digital infrastructure

MMED down 28.25% since its debut on March 6