In a report released today, Michael Matson from Needham reiterated a Buy rating on Wright Medical Group (WMGI), with a price target of $38. The company’s shares opened today at $31.61, close to its 52-week high of $32.86.
Matson commented:
“We have adjusted our estimates to better reflect management’s 2019 guidance commentary from the 4Q18 conference call. Management noted that they expect pro forma constant currency revenue growth at the lower-end of its 11-13% guidance range in 1H19 and at the upper-end of this guidance range in 2H19 and we have adjusted our estimates to better reflect this. 2020 annual estimates remain unchanged, however. We reiterate our Buy rating since we see multiple potential sources of upside to consensus in 2019.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 12.4% and a 66.6% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Wright Medical Group has an analyst consensus of Strong Buy, with a price target consensus of $36.63, representing a 15.9% upside. In a report issued on March 10, Wells Fargo also maintained a Buy rating on the stock with a $37 price target.
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Based on Wright Medical Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $22.95 million. In comparison, last year the company had a net profit of $26.85 million.
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Wright Medical Group NV engages in the provision of medical device products. It operates through the following segments: U.S. Lower Extremities and Biologics; U.S. Upper Extremities; International Extremities and Biologics; and Corporate.
