Globus Medical downgraded to Neutral from Buy at BTIG

BTIG analyst Ryan Zimmerman downgraded Globus Medical (GMED) to Neutral from Buy with no price target after the company entered into an all-stock merger transaction with NuVasive (NUVA). Globus Medical shares are likely to remain range-bound until the transaction closes, the analyst tells investors in a research note. The firm also notes that even after the 18% decline in price today, shares are "fairly valued", carrying a 2-times premium to peers on a price-to-earnings basis.