BTIG raised the firm’s price target on Globus Medical (GMED) to $87 from $78 and keeps a Buy rating on the shares after its Q3 earnings beat and guidance raise. The company is disproving any and all preconceived notions of why spine mergers cannot work, the analyst tells investors in a research note. Globus Medical’s financial discipline and operational execution are also creating a flywheel effect likely to yield significant free cash flow conversion that will ultimately drive share buybacks, the firm added.
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