Stifel Globus Medical’s (GMED) announced acquisition of Nevro (NVRO) an “unexpected move.” The firm says that while it wants to be “open-minded,” its initial thoughts are this is a surprising move, timing-wise, and also market and asset selection. The acquisition complicates a “fairly straightforward upside/multiple expansion story” for Globus and introduces another round of forward risks as NuVasive risks fade, the analyst tells investors in a research note. Stifel keeps a Buy rating on Globus Medical with a $92 price target. The stock in midday trading is down 4% to $88.30.
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Read More on GMED:
- Globus Medical reaffirms FY25 stand-alone EPS $3.40-$3.50, consensus $3.47
- Globus Medical to acquire Nevro for $5.85 per share
- Dentsply Sirona appoints Barber, Scavilla as new board members
- Globus Medical price target raised to $101 from $92 at Canaccord
- Globus Medical upgraded to Neutral from Underperform at BofA
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