CONMED (CNMD) Worth up to $59/Share in Takeover - Needham & Company
- ADP Employment Change 212K vs 219K Expected
- Abercrombie & Fitch (ANF) Misses Q4 EPS by 2c; Comps Fell 10%; Provides FY15 Outlook
- Pre-Open Stock Movers 3/04: (NVGN) (W) (AEO) Higher; (NSPR) (CYCC) (BOBE) Lower (more...)
- Bob Evans Farms (BOBE) Misses Q3 EPS by 10c; Cuts FY15 EPS Outlook
- Amazon (AMZN) Target Lifted to $425 at Baird Ahead of AWS Breakout
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Starboard Says Staples (SPLS)/Office Depot (ODP) Synergies 'Conservative'; Actual Synergies Could Drive Stock to $32-$37
- Deutsche Bank Downgrades Veeva Systems (VEEV) to Hold
- Synaptics (SYNA) Qualcomm (QCOM) Threat is Overstated, Needham & Company Says
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!