Globus Medical price target raised to $80 from $55 at BofA

BofA raised the firm’s price target on Globus Medical (GMED) to $80 from $55 and keeps an Underperform rating on the shares. Globus continues to deliver beat and raises showing that it has managed the NuVasive integration better than the firm expected, and BofA thinks better integration execution and improving profitability warrants a less discounted multiple. However, the firm still thinks capturing cross-selling synergies will not be easy, especially with new spine robot competition coming this quarter, which it says “could make hitting the Street’s 7% growth a challenge.”