Canaccord Genuity analyst Caitlin Cronin has maintained their bullish stance on GMED stock, giving a Buy rating today.
Caitlin Cronin’s rating is based on a robust financial performance by Globus Medical, particularly in the final quarter of 2023, where they surpassed expectations in both revenue and earnings. The company’s impressive growth in the US spine market and increased market penetration overseas within the legacy GMED business are notable achievements. Moreover, Cronin is encouraged by the company’s ongoing integration efforts post-merger, which are expected to stabilize by mid-2024, leading to steady growth. The proactive realignment of sales teams and positive management initiatives signal a promising outlook for the company.
Furthermore, despite the challenges typically associated with mergers in the spine market, the integration with NuVasive is progressing well, with less physician and account overlap than anticipated, which bodes well for the combined entity. Cronin also highlights the strategic interest from competitive sales professionals and the potential for cost-saving synergies outside of sales and personnel. The maintenance of dual sales forces and product lines, along with the introduction of new pipeline products in 2024, contribute to the optimistic Buy rating. The positive trends in Globus Medical’s business operations, coupled with strategic initiatives to enhance growth, provide a solid foundation for Cronin’s recommendation.
In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $64.00 price target.
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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 Fourth Quarter and Full Year 2023 Results
- Globus Medical Schedules Fourth Quarter and Full Year 2023 Earnings Release and Conference Call
- Globus Medical Promotes Keith Pfeil to COO and CFO
- Globus Medical promotes Keith Pfeil to Chief Operating Officer and Chief Financial Officer
- Globus Medical promotes Keith Pfeil as COO and Chief Financial Officer
