Stifel analyst Rick Wise lowered the firm’s price target on Zimmer Biomet (ZBH) to $110 from $118 and keeps a Buy rating on the shares. The firm says the company’s Q3 performance was frustratingly more mixed than it anticipated. While Zimmer did make positive progress on multiple fronts, at the same time, management highlighted that several end-of-quarter Q3 international and noncore business headwinds pressured sales by about 120bps. Stifel thinks that the quarter also illustrated Zimmer Biomet’s commercial and innovation progress, factors that are not being considered in today’s stock performance.
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