Zimmer Biomet price target raised to $120 from $110 at Piper Jaffray

Piper Jaffray analyst Matt O’Brien raised his price target for Zimmer Biomet to $120 from $110 after the company reported Q2 results that were in-line with expectations on the top-line and slightly beat the Street’s EPS estimate. Given the recent progress in restoring supply, the analyst believes the momentum in its core businesses will continue to offset a less favorable Fx impact estimate for the year. With continued supply remediation efforts and management’s focus on driving top-line growth to recapture lost share, O’Brien thinks margin expansion will likely be more of a 2020 event. The analyst reiterates a Neutral rating on the stock as he awaits further evidence before becoming more constructive on the name.

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