Zimmer Biomet price target lowered to $104 from $119 at Raymond James

Raymond James lowered the firm’s price target on Zimmer Biomet (ZBH) to $104 from $119 and keeps an Outperform rating on the shares. Zimmer Biomet’s Q1 results were slightly better than expected, but the limited clarity around the potential tariff impact in 2026, along with some timing shifts creating an even steeper 2H25 ramp, is weighing on sentiment, the analyst tells investors in a research note. The firm still sees some underlying growth drivers.