Zimmer Biomet price target lowered to $123 from $128 at Raymond James

Raymond James lowered the firm’s price target on Zimmer Biomet to $123 from $128 and keeps an Outperform rating on the shares. The firm understands why the stock has lagged, and while frustrated with the execution and messaging, it remains interested due to valuation, the analyst tells investors in a research note. Zimmer Biomet has done well to position itself for growth, and assuming there is a commitment to the stated growth goals, which the firm has no reason to believe otherwise, downside should be limited, leaving a favorable risk/reward, Raymond James says.