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Globus Medical downgraded to Neutral from Buy at BTIG

BTIG downgraded Globus Medical (GMED) to Neutral from Buy without a price target. On the Q1 earnings call, Globus provided a number of reasons why it missed estimates, but there were “nagging fears that there could be foundational cracks” in the base Spine business a year past the NuVasive integration, the analyst tells investors in a research note. BTIG’s initial contention was that the Spine business “is likely to hold in,” but after after seeing Medtronic’s (MDT) fiscal Q4 results, it is less certain that Globus’s Spine business “did not suffer some bruises.” It now believes the company needs to reset its fiscal 2025 guidance. BTIG sees the shares as unable to outperform until Globus “course corrects and puts these challenges behind it.”

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