Analyst Vik Chopra from Wells Fargo maintained a Buy rating on Globus Medical (GMED – Research Report) and decreased the price target to $93.00 from $95.00.
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Vik Chopra’s rating is based on a combination of factors, including Globus Medical’s strong financial performance in the fourth quarter, which exceeded both their own estimates and market expectations. The company reported sales that surpassed consensus, and their earnings per share (EPS) came in significantly higher than anticipated. Additionally, the anticipated closing of the NVRO acquisition is seen as a strategic move that will complement Globus Medical’s existing portfolio, potentially expanding their reach in the musculoskeletal market.
Furthermore, Globus Medical has shown strong growth in its robotics segment, marking the highest number of unit placements since the product’s launch. The company’s management has also reaffirmed their cost synergy targets following the NUVA integration, achieving significant savings in the first year and aiming for continued efficiency gains. These factors, along with the company’s solid revenue guidance and strategic financial management, contribute to Vik Chopra’s positive outlook and Buy rating for Globus Medical.
In another report released yesterday, BTIG also reiterated a Buy rating on the stock with a $94.00 price target.
GMED’s price has also changed moderately for the past six months – from $69.140 to $84.120, which is a 21.67% increase.