Zimmer Biomet price target raised to $117 from $110 at Wells Fargo

Wells Fargo raised the firm’s price target on Zimmer Biomet (ZBH) to $117 from $110 and keeps an Equal Weight rating on the shares. The firm notes Zimmer reported Q3 sales ahead of consensus, while EPS was in line. ERP impact is now expected to be 60-80 bps in the second half of the year vs. 100 bps previously, Wells says. 2024 sales growth and EPS guidance were lowered to 4.25-4.75% and $7.95-8.05, respectively, the firm adds.