Buy the dip when it comes to large-cap medical technology stocks, according to RBC Capital. 

The sector was rallying 8% during the first four weeks of the year, but the majority of those gains have been wiped away during the recent stock market selloff.

The sector is currently trading at 18 times forward price to earnings, down from the 20 multiple at the end of January, which is slightly ahead of its three-year average and slightly above the S&P's multiple of 17. 

But now that the storm seems to have abated a bit, RBC had some suggestions for investors bold enough to jump back in. These stocks are trading below their three-year price-to-earnings multiple average. 

Johnson & Johnson (JNJ)  has declined 6% year to date and 9% since Jan. 26. Johnson & Johnson is trading at a 16 multiple of 16 after trading at 19 times P/E following its fourth-quarter earnings release. 

"We believe the selloff ignores two important factors: 1) Pharma remains a growth engine and the pipeline contains several blockbusters that should contribute to strong pharma growth over the coming years; and 2) JNJ's strong balance sheet and FCF gives management the flexibility to pursue M&A and buybacks to supplement organic growth," RBC analyst Glenn Novarro wrote. 

Medtronic PLC  (MDT) is another stock that's undervalued even though it has risen 1% year to date. Prior to the selloff, which RBC dates to Jan. 26, Medtronic was up 8%. 

"We believe that current valuation limits the downside. Meanwhile, we believe that MDT remains on track to deliver mid-single-digit revenue growth owing to: 1) an acceleration in growth from Diabetes, Pain Therapies/Spinal Cord Stimulation, and Spine," Novarro wrote.

Edwards Lifesciences Corp. (EW) hasn't lost much in the recent selloff, but its valuation remains attractive, according to RBC. 

"The stock rallied after its earnings release on Feb. 1, and since then has lost its post-earnings gains. Similar to our other large-cap MedTech ideas, EW currently trades below its three-year average, which we believe limits the stock's downside," Novarro said. 

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