CONMED (CNMD) Worth up to $59/Share in Takeover - Needham & Company
- UPDATE: Hewlett-Packard (HPQ) Reports In-Line Q4 EPS; Guides Q1, FY15 EPS
- Veeva Systems (VEEV) Tops Q3 EPS by 1c, Q4 Guidance Tops Views
- Signet Jewelers (SIG) Tops Q3 EPS by 3c; Guides FY15 EPS Above Expectations
- TiVo (TIVO) Misses Q3 EPS by 1c
- AeroVironment (AVAV) Misses Q2 EPS by 2c; Affirms FY15 Outlook
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
- 3D Systems (DDD) to Acquire Cimatron (CIMT) for $8.97/Share
- Rio Tinto plc (RIO), Glencore Merger Will Happen, Banker Tells Hedge Funds
- Pre-Open Stock Movers 11/24: (RNA) (CIMT) (PTP) Higher; (LGF) (TSL) (CBI) Lower (more...)
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!