Wright Medical upgraded to Outperform at BMO Capital on accelerating Q2 results

BMO Capital analyst Joanne Wuensch upgraded Wright Medical to Outperform from Market Perform and raised her price target to $31 from $28, saying her prior expectations of a plateau driven by in-line historical valuation proved to be short lived. The analyst points to the company’s faster than expected recovery in its Lower Extremities franchise in the most recent quarter and also the acquisition of Cartiva accelerating its revenues and EBITDA margins. Wuensch further cites the positive impact of FDA approval of Augment Inject product driving the management to boost its FY18 revenue guidance.
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