In a report released yesterday, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on Globus Medical (GMED), with a price target of $60. The company’s shares closed yesterday at $47.69.
Bijou wrote:
“: We reiterate our Overweight rating and 12-month PT of $60 on GMED following another quarter of top- and bottom-line beats. 4Q revenue of $196MM (+11.6% ex-FX) was in line with GMED’s 4Q pre-announcement, and EPS of $0.43 beat FactSet consensus by $0.04. As we have written in the past, we think investor concern about competition from MDT’s (NC) Mazor X Stealth or any other potential spine robot is likely overdone. We think that, with its balance sheet and profitability, GMED can offer any flexible arrangement that MDT can offer, and we expect GMED’s new robotic applications, expected to launch this year, to keep GMED at the front of the spine robot innovation curve.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 9.2% and a 65.5% 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 Globus Medical is a Moderate Buy with an average price target of $54.75, a 14.8% upside from current levels. In a report issued on February 6, Needham also assigned a Buy rating to the stock with a $57 price target.
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Globus Medical’s market cap is currently $4.7B and has a P/E ratio of 33.45. The company has a Price to Book ratio of 4.11.
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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.
