Alphatec price target lowered to $11 from $20 at TD Cowen

TD Cowen lowered the firm’s price target on Alphatec (ATEC) to $11 from $20 and keeps a Buy rating on the shares. The firm said sales disappointed, particularly EOS, but Surgical was softer, where numbers typically outperform and were only in line. Margins were strong though, driving a sizable EBITDA beat and allowing for affirmed P&L guidance.