Piper Sandler analyst Matt O’Brien downgraded Conmed (CNMD) to Neutral from Overweight with a price target of $39, down from $55. The company’s AirSeal “did not completely implode” after Intuitive Surgical (ISRG) launched a competitive product, but the messaging around the situation and Conmed’s “execution missteps” have weighed on the stock for two years, the analyst tells investors in a research note. Piper does not see a catalyst to turn the stock’s momentum around. The firm sees better names to own and downgrades Conmed on a lack of identifiable catalysts.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNMD:
- Conmed Names Andrew Moller Interim Principal Financial Officer
- Conmed Faces Rising Operational and Financial Risks from Climate Disasters, Supply Chain Disruptions, and Insurance Gaps
- Conmed Earnings Call: Trading Near-Term Pain for Growth
- Closing Bell Movers: Meta up 8%, Microsoft down 7% on earnings
- Conmed reports Q4 adjusted EPS $1.43, consensus $1.32