Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Wright Medical Group (WMGI) yesterday and set a price target of $39. The company’s shares closed yesterday at $29.38.
Bijou observed:
“: We reiterate our Overweight rating and our $39 PT on WMGI following a strong start to the year. WMGI’s 1Q revenue of $230MM beat FactSet consensus by $4MM, driven by continued momentum in U.S. shoulders and strong biologics growth. Adjusted EBITDA ($37MM) and adjusted EPS ($0.05) also beat consensus estimates by $1MM and $0.03. WMGI reiterated its 2019 guidance, which we still view as conservative; we wouldn’t be surprised to see future upward revisions. Strength was broad based, as WMGI likely took share in each of its segments. Upper extremities performance is extremely impressive, as it is growing 3x the market.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 5.5% and a 52.9% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Wright Medical Group with a $36.63 average price target.
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Based on Wright Medical Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $22.95 million. In comparison, last year the company had a GAAP net loss of $19.91 million.
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Wright Medical Group NV engages in the provision of medical device products. It operates through the following segments: U.S. Lower Extremities and Biologics; U.S. Upper Extremities; International Extremities and Biologics; and Corporate.
