Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Globus Medical (NYSE: GMED) today and set a price target of $65. The company’s shares closed yesterday at $53.48, close to its 52-week high of $57.55.
Bijou commented:
“We reiterate our Overweight rating on GMED with a 12-month price target of $65. We think GMED has several top-line growth drivers, including US core market rebound, early success of emerging technologies and traction of the acquired ATEC international platform. GMED’s best-in-class profitability allows the company to invest organically or inorganically to drive top-line growth and react to the evolving trends of the spine market. These should bring the company back to the beat-and-raise philosophy of a couple of years ago, and help push valuation higher.”
According to TipRanks.com, Bijou is a 5-star analyst with an average return of 22.8% and a 79.2% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
Globus Medical has an analyst consensus of Moderate Buy, with a price target consensus of $61.50, a 15.0% upside from current levels. In a report issued on September 25, Morgan Stanley also maintained a Buy rating on the stock with a $64 price target.
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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.
