Deutsche Bank Starts CONMED (CNMD) at Buy

Deutsche Bank initiated coverage on CONMED (NASDAQ: CNMD) with a Buy rating and a price target of $63. Analyst Kristen Stewart views the company as a turnaround story.

"CONMED is a $740 million in revenue diversified medical device company, which underperformed in recent years prompting shareholder activism. We believe the appointment of Curt Hartman as CEO in Nov 2014 along with the addition of a number of experienced commercial executives with proven track records should improve execution capabilities. A return to market growth could yield substantial leverage to the bottom line given historical cost management and M&A could be supplemental. While turnarounds are rarely linear with occasional bumps, over the longer term we see the opportunity for significant stock price appreciation. Therefore, we are initiating with a Buy rating," said Stewart.

For an analyst ratings summary and ratings history on CONMED click here. For more ratings news on CONMED click here.

Shares of CONMED closed at $50.16 yesterday.

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