In a report released today, Michael Matson from Needham reiterated a Buy rating on Conmed Corp (NASDAQ: CNMD), with a price target of $86. The company’s shares closed yesterday at $69.94.
Matson observed:
“CNMD’s 3Q18 revenue beat consensus while its EPS met consensus. Management raised its 2018 revenue guidance and maintained its EPS guidance. Revenue growth improved to 8.1% CC in 3Q18 from 7.4% CC in 2Q18. CNMD’s gross margin was up 60 bps Y/Y which enabled it to reinvest in R&D (which was up 50 bps Y/Y) while still delivering double-digit EPS growth. We believe that CNMD can sustain 6%+ revenue growth and continue to exceed consensus revenue estimates while reinvesting in order to drive future growth and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 11.6% and a 62.3% 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 $81.67.
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Conmed Corp’s market cap is currently $1.97B and has a P/E ratio of 27.11. The company has a Price to Book ratio of 3.03.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is negative 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.
