CONMED (CNMD) Worth up to $59/Share in Takeover - Needham & Company
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Needham & Company analyst Mike Matson weighed in on CONMED (NASDAQ: CNMD) amid reports Tuesday the company hired advisers to help with a possible sale of the company
Maston said, "With two activist firms targeting CNMD, we are not too surprised by this news. We believe that CNMD could be worth $59 per share in a potential acquisition and that a deal could prove accretive to a larger medical device company. While there is clearly a risk that CNMD will not be acquired, we believe that fundamentals are improving and that shares are attractive even absent a deal. "
With the Reuters article that the company's bankers are approaching the larger orthopedics companies, the analyst highligted Covidien (NYSE: COV), Johnson & Johnson (NYSE: JNJ), Medtronic (NYSE: MDT), Stryker (NYSE: SYK), and Zimmer (NYSE: ZMH) as logical potential acquirors of CNMD. Aside from these companies, they think that larger European or Asian medical device companies might also be interested in CNMD.
The firm maintained a Buy rating and price target of $54 on CNMD.
Shares of CONMED closed at $45.25 yesterday.
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