Jefferies Cuts Price Target on Zimmer Biomet Holdings (ZBH) to $129 Following 3Q Miss
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- KLR Group Cuts Price Target on Bill Barrett (BBG) to $9; Reiterates Buy
- Jefferies Raises Price Target on NeuroDerm (NDRM) to $42
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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!