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Wells upgrades Globus Medical on better-than-expected NuVasive integration

As previously reported, Wells Fargo upgraded Globus Medical to Overweight from Equal Weight with a price target of $78, up from $60. The firm notes that when it downgraded the stock, Wells expected a challenging integration process as a result of vastly different cultures between Globus Medical and NuVasive. In addition, the firm expected sales force and customer disruption given a complicated integration process. However, management has handled the integration process far better than Wells expected and Globus Medical has exceeded Street expectations over the past three quarters.

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