In a report released today, Craig Bijou from Cantor Fitzgerald maintained a Hold rating on Mazor Robotics (NASDAQ: MZOR), with a price target of $58.50. The company’s shares closed yesterday at $52.75.
Bijou said:
“: After the close yesterday (9/20), Medtronic (MDT, Not Covered) announced a definitive agreement to acquire MZOR for $58.50/share or $1.64B in equity value ($1.34B net of MDT’s existing stake in MZOR and cash acquired). We maintain our Neutral rating on MZOR shares, but raise our PT to $58.50 (acquisition price), from $55. The agreement is an all-cash transaction at an ~11% premium to prior close. The transaction is expected to close during MDT’s fiscal 3Q19 ending Jan. 25, 2019. We are somewhat surprised by the timing of the acquisition, but a takeout was certainly a potential ultimate outcome after MDT and MZOR entered into the strategic agreement in May 2016.”
According to TipRanks.com, Bijou is a 5-star analyst with an average return of 23.3% and a 78.7% 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 Mazor Robotics is a Moderate Sell with an average price target of $58.50.
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Based on Mazor Robotics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.75 million. In comparison, last year the company had a GAAP net loss of $3.87 million.
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Mazor Robotics Ltd. is a medical device company, which engages in the development and marketing of innovative surgical guidance systems and complementary products. It specializes in robotic, computerized and imaging-based systems, primarily in the field of spine surgery.