In a report released yesterday, Christian Glennie from Stifel Nicolaus maintained a Buy rating on ConvaTec (CTEC – Research Report), with a price target of p305.00.
Christian Glennie has given his Buy rating due to a combination of factors that positively influence ConvaTec’s market position. The recent postponement of LCDs by the CMS has removed uncertainty regarding their impact on InnovaMatrix, which alleviates market concerns and supports the company’s growth trajectory. This development reinforces the investment case for ConvaTec, as it maintains its mid-term growth and margin expansion targets.
Furthermore, ConvaTec has raised its guidance for InnovaMatrix sales from $50 million to $75 million, reflecting a more optimistic outlook despite ongoing market uncertainties. This adjustment indicates the company’s resilience and ability to adapt to changing market conditions. Overall, the solid top-line growth and margin expansion prospects contribute to the reaffirmation of the Buy rating.
According to TipRanks, Glennie is an analyst with an average return of -11.3% and a 28.77% success rate.
In another report released today, Barclays also maintained a Buy rating on the stock with a £3.20 price target.