Zimmer Biomet price target lowered to $120 from $130 at RBC Capital

RBC Capital lowered the firm’s price target on Zimmer Biomet to $120 from $130 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results. The firm’s industry checks suggest that Q3 underlying utilization trends were positive despite typical summer seasonality driving a sequential step-down in elective procedures, the analyst tells investors in a research note. Investor sentiment is also positive for MedTech stocks going into the earnings season, and investors are likely to continue to chase winners and catalyst-driven names into year-end, RBC added.