The Trump administration's "nonsensical tariffs" will sow long-term structural dislocation if implemented, Oppenheimer said in a note Monday.
"While we harbor strong views on unfolding chaos with tariff announcements, we will just say, 'You reap what you sow,'" the firm said.
The firm said GE HealthCare Technologies (GEHC), Varex Imaging (VREX), Integer (ITGR), and Intuitive Surgical (ISRG) were among the businesses most exposed to tariffs.
Intuitive Surgical specifically was at risk for "significant" contraction due to its exposure to both China and Mexico, the firm said.
"Our coverage universe is not immune," Oppenheimer said.
Oppenheimer said it preferred the "relative safety and diversification" of stocks like Abbott Laboratories (ABT) and Edwards Lifesciences (EW) in the current environment, though cautioned that both businesses faced foreign exchange rate risk.
According to the firm, small and mid cap firms with predominantly US exposure such as iRhythm Technologies (IRTC), TransMedics Group (TMDX), and AtriCure (ATRC) were better positioned in the current environment.
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