Needham analyst Michael Matson reiterated a Buy rating on Conmed Corp (CNMD) today and set a price target of $86. The company’s shares closed yesterday at $67.33.
Matson noted:
“CNMD announced it is acquiring $305M, net of a $60M tax benefit. CNMD expects the deal to be accretive to both its organic revenue growth and operating margin in 2019 and its adjusted EPS beginning in 2020 (incremental interest expense offsets the OM benefit in 2019). Buffalo competes in a $100M market growing at a ~20% CAGR. This deal strikes us as very similar to CNMD’s acquisition of SurgiQuest, which we think has been a resounding success. We believe Buffalo is a natural strategic fit since it is complementary to CNMD’s AirSeal platform and its other General Surgery products and financially attractive given the organic growth and adjusted EPS accretion potential. We reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 10.1% and a 59.0% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Conmed Corp has an analyst consensus of Moderate Buy, with a price target consensus of $82.
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The company has a one-year high of $83.49 and a one-year low of $49.22. Currently, Conmed Corp has an average volume of 198.1K.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is neutral on the stock.
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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.
