Vik Chopra, an analyst from Wells Fargo, maintained the Hold rating on Globus Medical (GMED – Research Report). The associated price target is $58.00.
Geoff Meacham has given his Hold rating due to a combination of factors concerning Globus Medical’s financial performance and management expectations. The company’s preliminary Q4 results surpassed both Wells Fargo’s and the consensus estimates, signaling a positive trend in revenue. Additionally, Globus Medical’s 2024 revenue guidance aligns closely with analyst projections, suggesting a stable outlook. However, the Hold rating implies that, while the results are encouraging, they may already be factored into the current stock price, offering limited upside potential for investors at this time.
The integration of NUVA appears to be progressing smoothly, with management expressing satisfaction with the growth in line with the overall spine market and effective sales retention strategies. Despite these positive aspects, the Hold rating indicates a cautious optimism, as the company’s performance, while solid, does not necessarily warrant an upgrade to a Buy. The Hold rating reflects a balanced view, acknowledging the company’s strengths but also recognizing that the current stock valuation may adequately reflect its near-term prospects.
Chopra covers the Healthcare sector, focusing on stocks such as Masimo, Globus Medical, and NeuroPace. According to TipRanks, Chopra has an average return of 2.3% and a 64.29% success rate on recommended stocks.
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Globus Medical (GMED) Company Description:
Globus Medical, Inc. operates as a medical device company that develops and commercializes healthcare solutions. The firm 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. The company was founded by David C. Paul, David D. Davidar and Andrew Iott in March 2003 and is headquartered in Audubon, PA.
Read More on GMED:
- Globus Medical Reports Preliminary Record Fourth Quarter and Full Year Sales Results
- Globus Medical price target lowered to $83 from $86 at Barclays
- Globus Medical price target raised to $58 from $53 at Truist
- Globus Medical price target raised to $71 from $67 at Canaccord
- Globus Medical price target lowered to $53 from $60 at Morgan Stanley
