After interviewing industry contacts to get a sense of the orthopedic outlook for 2019, Piper Jaffray analyst Matt O’Brien believes the category will be “largely steady” with “solid” volume growth and even more extremities and sports medicine growth. The group as a whole “is cheap” with respect to valuation, which makes us optimistic, O’Brien tells investors in a research note. The analyst’s top pick for next year is Wright Medical (WMGI) as he expects the company to continue taking share in healthy extremities end markets and views the stock’s current valuation as attractive. For large caps, O’Brien believes Stryker (SYK) will continue to be in a share taking position, “making it a clean story for investors to get behind.”
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