Medtronic's (MDT) partnership with Cornerstone Robotics for distribution rights for Sentire robotics system will likely complement the company's Hugo robotic-assisted surgery system, Needham said in a Thursday research report.

The brokerage highlighted Sentire's distinct architecture and likely lower price points, which could broaden Medtronic's client base, according to the note.

Needham analysts noted that the Cornerstone deal bolsters Medtronic's competitive position in the robotics segment.

The brokerage said it had a buy rating on the stock and a price target of $114 per share.

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