In a report released yesterday, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on Globus Medical (GMED), with a price target of $65. The company’s shares closed yesterday at $57.44, close to its 52-week high of $57.83.
Bijou said:
“: We reiterate our Overweight rating and $65 12-month PT on shares of GMED. GMED delivered another beat and raise on both the top and bottom lines. In 3Q18, however, US and OUS Spine outperformed, offsetting lower-than- expected Emerging Technologies sales. We remain confident in GMED’s robotic momentum as the company began 4Q with more system sales in October than in all of 3Q. We expect GMED to benefit from distraction at its chief robotic competitor expense, MZOR (Neutral), as MDT finalizes and closes its acquisition. GMED’s US Core Spine growth appears to be accelerating, and it is benefiting from recent product launches and new sales rep hires.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 14.5% and a 70.5% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.
Globus Medical has an analyst consensus of Strong Buy, with a price target consensus of $62.33.
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Based on Globus Medical’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $44.98 million. In comparison, last year the company had a net profit of $25.59 million.
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Globus Medical, Inc. is a medical device company, which engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.
