Wright Medical cut at Jefferies as higher bid looks unlikely

Wright Medical Group (NASDAQ:WMGI) is downgraded to Hold from Buy with a $30.75 price target at Jefferies, which believes the company is unlikely to receive a “significantly” higher bid than Stryker’s (NYSE:SYK) $30.75/share offer.

While Smith & Nephew (NYSE:SNN) could make a strategic case for an acquisition, a $34-$35/share deal would be a “stretch” for the company financially and bring dilution or leverage, says analyst Raj Denhoy.

https://seekingalpha.com/news/3528326-wright-medical-cut-jefferies-higher-bid-looks-unlikely