In a report released today, Michael Matson from Needham reiterated a Buy rating on Globus Medical (GMED), with a price target of $57. The company’s shares closed yesterday at $47.69.
Matson wrote:
“GMED’s 4Q18 revenue was consistent with its preannouncement while its EPS beat consensus. GMED’s Spine Products grew by 10% and its Emerging Technologies Products grew 34% resulting in overall revenue growth of 12% CC. Gross margin was down 30 bps Y/Y while operating margin was down 190 bps Y/Y given continued investments in SG&A and R&D. We believe GMED’s Emerging Technologies business, sales force expansion, new products, and conservative guidance mean potential for additional upside to consensus in 2019 and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a top 100 analyst with an average return of 13.7% and a 69.1% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Currently, the analyst consensus on Globus Medical is a Moderate Buy with an average price target of $54.75, which is a 14.8% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $60 price target.
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Based on Globus Medical’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $35.21 million. In comparison, last year the company had a net profit of $24.38 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.
