BTIG analyst Ryan Zimmerman upgraded Globus Medical to Buy from Neutral with a $60 price target. At the stock’s current valuation, the reward is greater than the risk, potential downside is limited, and with seven months in the rear-view mirror since the NuVasive deal was consummated, management “has had time to retire deal risk,” the analyst tells investors in a research note. The firm says Globus Medical is going into fiscal 2024 in a “healthy” spine market and can begin to capitalize on cost synergies. BTIG sees a better EBITDA margin trajectory emerging over the coming 12-18 months.
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Read More on GMED:
- Globus Medical price target raised to $64 from $61 at Stifel
- Globus Medical backs FY24 EPS view $2.68 to $2.70, consensus $2.69
- Globus Medical reports Q4 EPS 60c, consensus 61c
- Globus Medical Reports Fourth Quarter and Full Year 2023 Results
- Globus Medical Schedules Fourth Quarter and Full Year 2023 Earnings Release and Conference Call
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