Kestra Medical Technologies' (KMTS) bullish fundamentals are driven by a large total addressable market in the US, sustained share gains, and technology enhancements, Oppenheimer said in a Tuesday research note.

The brokerage said it is seeking a better risk-reward entry point as share gains look priced into the stock, and true clinical differentiation of wearable cardiac defibrillators is difficult due to a lack of head-to-head trials.

Analysts noted that their constructive view arises from the potential for the company's Assure wearable cardiac defibrillator to become a theranostics platform with multiple revenue drivers over time.

The brokerage said it initiated coverage of the stock with a perform rating.

Price: 23.00, Change: -0.24, Percent Change: -1.03