Needham analyst Michael Matson assigned a Buy rating to Globus Medical (GMED) today and set a price target of $57. The company’s shares closed yesterday at $44.52.
Matson said:
“As part of in this note we lay out the bull and bear case for GMED. We think that debate around GMED centers on its spinal robotics system, entry into the trauma market, spinal implant growth outlook, margins, and valuation. We are in the bull camp and detail our thesis below. In addition, we have adjusted our estimates to reflect GMED’s 4Q18 preannouncement and initial 2019 guidance. And we have lowered our price target to $57 from $65 given peer P/E multiple compression.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 12.0% and a 66.1% 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 $57.67, implying a 29.5% upside from current levels. In a report issued on February 4, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $60 price target.
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Globus Medical’s market cap is currently $4.38B and has a P/E ratio of 31.22. The company has a Price to Book ratio of 3.84.
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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.
