Jefferies Cuts Price Target on Zimmer Biomet Holdings (ZBH) to $129 Following 3Q Miss

November 1, 2016 7:04 AM EDT
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Price: $115.20 --0%

Rating Summary:
    24 Buy, 13 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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."

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

Shares of Zimmer Biomet closed at $105.40 yesterday.

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