Jefferies Cuts Price Target on Zimmer Biomet Holdings (ZBH) to $129 Following 3Q Miss
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Jefferies maintained a Buy rating on Zimmer Biomet Holdings (NYSE: ZBH), and cut the price target to $129.00 (from $150.00), following the company's 3Q earnings report. a $10mn miss was attributed to unforeseen supply chain issues. Revenue guidance was lowered by $58mn, as EPS was cut by $0.03 at the midpoint.
Analyst Raj Denhoy commented, "ZBH put up a $10mn miss and lowered guidance by $58mn/$0.03 at the midpoint based on unforeseen supply chain issues. At this point it remains unclear exactly how far into 2017 these issues will linger and if double digit EPS growth is a reasonable goal. However, with cash position intact, and valuation now at near distressed levels we stay at Buy."
Shares of Zimmer Biomet closed at $105.40 yesterday.
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