In a report released today, Michael Matson from Needham reiterated a Buy rating on Globus Medical (GMED), with a price target of $65. The company’s shares closed yesterday at $39.84, close to its 52-week low of $38.01.
Matson wrote:
“After the close on 1/8/19, GMED preannounced 4Q18 revenue that was above consensus. GMED also provided initial 2019 revenue guidance that was above consensus and non-GAAP EPS guidance that was a penny below consensus. GMED’s Emerging Technologies sales grew 35% despite lapping the 4Q17 robotics launch while its Spine Products business growth improved to 9% in 4Q18 from 7% in 3Q18 driven by robotics implant pull-through and new sales rep hires. We believe the 2019 revenue guidance could prove conservative given continued growth in robot unit sales, increasing robotics implant pull-through, and the trauma implant launch and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 9.5% and a 56.0% 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 $60, a 50.6% upside from current levels. In a report released today, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $65 price target.
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The company has a one-year high of $57.83 and a one-year low of $38.01. Currently, Globus Medical has an average volume of 780.8K.
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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.
