Globus Medical upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Matt O’Brien upgraded Globus Medical to Overweight from Neutral with a price target of $80, up from $60. While still early, Globus Medical “has successfully navigated a lot of the pitfalls seen in other spine deals,” the analyst tells investors in a research note. The firm says the company is broadening its portfolio to capture the entire spine case, which it views as a “savvy move.” Piper believes the cadence of sales representative loss following the NuVasive merger is better than imagined and cross-selling opportunities are evident. It thinks the deal “is past its most precarious stage.”