K2M Group Holdings (NASDAQ: KTWO) received a Hold rating and a $27.50 price target from Cantor Fitzgerald analyst Craig Bijou yesterday. The company’s shares closed on Friday at $27.34, close to its 52-week high of $27.50.
Bijou said:
“. We are downgrading the shares of KTWO to KTWO’s announced acquisition by SYK (Neutral), and we are lowering our price target to $27.50 (the acquisition price) from $28. the market open, KTWO announced a definitive agreement to be acquired by SYK for $27.50 per share, or ~$1.4B equity value. The acquisition is expected to be completed late in 4Q18, and we think another bidder is unlikely. See our note titled Reasonable (link) from Aug. 30 discussing the acquisition.”
According to TipRanks.com, Bijou is a 5-star analyst with an average return of 27.4% and a 80.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
Currently, the analyst consensus on K2M Group Holdings is a Moderate Buy with an average price target of $27, a -1.2% downside from current levels. In a report issued on August 30, Needham also downgraded the stock to Hold.
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Based on K2M Group Holdings’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $10.79 million. In comparison, last year the company had a GAAP net loss of $9.06 million.
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K2M Group Holdings, Inc. is a global medical device company. It focused on designing, developing and commercializing innovative and proprietary complex spine technologies and techniques. The company’s complex spine products are used by spine surgeons to treat some of the most difficult and challenging spinal pathologies, such as deformity, trauma and tumor.
