TD Cowen Initiates Globus Medical with Buy Rating on Durable U.S. Spine Growth and Upside from Margin Expansion

, an analyst from TD Cowen, has initiated a new Buy rating on Globus Medical (GMED).

TD Cowen has given his Buy rating due to a combination of factors that support both revenue growth and earnings upside for Globus Medical. The firm expects the U.S. spine market to expand at or above its historical pace, driven by ongoing innovation, and believes Globus is particularly well positioned to benefit from this dynamic and gain share, especially as larger peers navigate portfolio realignments. With the U.S. spine franchise representing the majority of the company’s revenue, TD Cowen views this business as a durable engine for high‑single‑digit growth, supported by continued product innovation, targeted sales force expansion, and better leverage of enabling technologies to drive implant demand.
At the same time, TD Cowen acknowledges that certain segments — notably enabling technologies, international operations, and the Nevro acquisition — are currently underperforming, but sees these as manageable challenges with the potential to become future growth contributors rather than lasting drags. Their financial model assumes more conservative trajectories for these weaker areas while still projecting higher overall revenue than the market through 2028, particularly in the core musculoskeletal business. Coupled with a view that higher revenue will translate efficiently to profits, TD Cowen’s estimates for EBITDA and EPS sit above consensus, supporting both their Buy rating and a $110 price target based on anticipated double‑digit top‑line growth and multiple expansion.

In another report released on January 24, TipRanks – Anthropic also reiterated a Buy rating on the stock with a $108.00 price target.