Needham analyst Michael Matson reiterated a Buy rating on Conmed Corp (NASDAQ: CNMD) today and set a price target of $88. The company’s shares closed yesterday at $78.04, close to its 52-week high of $83.49.
Matson said:
“We hosted for investor meetings in NYC on 8/2 and 8/3. M&A is management’s preferred method of capital deployment. We believe that increasing investment into R&D should continue to drive organic growth. We think that the AirSeal platform drives awareness of CNMD’s broader General Surgery product portfolio and could benefit from increased international adoption of robotics. Management provided more color on the reinvestments outlined on the 2Q18 call. Management meeting take-aways give us increased confidence in our CNMD thesis and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 12.0% and a 62.8% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Conmed Corp with a $81 average price target.
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The company has a one-year high of $83.49 and a one-year low of $48.03. Currently, Conmed Corp has an average volume of 167.1K.
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CONMED Corp. is a medical technology company, which engages in the development, manufacture and sale of surgical devices and related equipment. It operates through the following geographical segments: United States; Americas excluding the United States; Europe, Middle East, and Africa; and Asia Pacific.
