In a report released today, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on Wright Medical Group (NASDAQ: WMGI), with a price target of $35. The company’s shares opened today at $27.90.
Bijou commented:
“We reiterate our Overweight rating and a 12-month price target of $35 on shares of WMGI. We think WMGI is positioned to outperform expectations in 2018 with multiple drivers across each of its three primary segments (lower extremities, upper extremities, and biologics) to accelerate growth. We see WMGI’s valuation as attractive, as we expect innovative products to help WMGI to capitalize on the evolving market trends. Valuation Summary We base our $35 price target on a 5x EV/Sales multiple on our 2019 sales estimate.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 21.6% and a 75.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Stryker Corporation.
Currently, the analyst consensus on Wright Medical Group is a Strong Buy with an average price target of $32.08, implying a 15.0% upside from current levels. In a report issued on August 21, Stifel Nicolaus also initiated coverage with a Buy rating on the stock with a $34 price target.
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Based on Wright Medical Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $90.62 million. In comparison, last year the company had a GAAP net loss of $20.96 million.
Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WMGI in relation to earlier this year.
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Wright Medical Group NV operates as a global medical device company, which engages in the design, manufacture, and distribution of biologic products. It provides surgical solutions for the foot and ankle market and its products include large joint implants for the hip and knee, extremity implants for the shoulder, elbow, hand, wrist and foot and biologic products, including bone graft substitutes. The company was founded by Frank O. Wright in 1950 and is headquartered in Arlington, TN.
