CONMED (CNMD) Worth up to $59/Share in Takeover - Needham & Company
- July Nonfarm Payrolls 209K vs 230K Expected, UE Rate 6.2% vs 6.1%
- Procter & Gamble Co. (PG) Tops Q4 EPS by 4c
- Pre-Open Stock Movers 8/1: (BYI) (SGMS) (LNKD) Higher; (BOTA) (WWWW) (YRCW) Lower (more...)
- GM (GM) July U.S. Auto Sales Rose 9.4%, Missing Expectations Amid Double-Digit Pickup, SUV Gains
- Scientific Games (SGMS) to Acquire Bally Tech (BYI) in $5.1B Deal
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.
You May Also Be Interested In
- UPDATE: SunTrust Downgrades Web.com Group (WWWW) to Neutral
- BofA/Merrill Lynch Upgrades McKesson (MCK) Two-Notches to Buy
- LinkedIn (LNKD) PT Raised 20% at Susquehanna on Strong Q2
Create E-mail Alert Related CategoriesAnalyst Comments, Rumors
Related EntitiesNeedham & Company, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!