Leerink Partners Cuts Price Target on Conmed (CNMD) to $43; Reiterates Market Perform
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Leerink Partners maintained a Market Perform rating on CONMED (NASDAQ: CNMD), and cut the price target to $43.00 (from $47.00), following the company's 3Q earnings report. 3Q revenues of $185M beat $178M estimates, and organic growth of +0.8% beat +0.4% forecasts and marked an improvement vs. -1% in 2Q and -2% in 1Q. Airseal revenues of $17.3M beat Leerink's $14.5M estimate and management guided 2016 Airseal revenue to the high end of $62-$67M.
Analyst Richard Newitter commented, "Expectations were low heading into the print, but CNMD's solid 3Q was a welcomed/refreshing result following a series of choppy quarterly performances over the past 1.5 years and we think the results should help the stock move higher off of depressed levels---most importantly, organic growth accelerated and moved into positive territory (+0.8%). We remain MP-rated as we'd like to see the company string together a few more quarters of improved execution to get more confident the company's turnaround is in fact on more solid footing and that sales growth acceleration can translate into more meaningful earnings upside. Our PT goes to $43 (vs. $47) primarily due to recent multiple compression for the group as well as a slightly lower '17E profit forecast (our prior above-consensus estimate was a touch aggressive)."
Shares of CONMED closed at $37.75 yesterday.
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