Leerink Partners Cuts Price Target on Wright Medical Group (WMGI) Following 3Q
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Leerink Partners maintained an Outperform rating on Wright Medical Group (NASDAQ: WMGI), and cut the price target to $25.00 (from $27.00), following the company's 3Q earnings report. Revenue from continuing operations of $157.3M was about in-line with consensus' $157.7M. EBITDA of $5.7M beat the consensus estimate of $3M.
Analyst Richard Newitter commented, "WMGI's 3Q saw another solid EBITDA beat (and guidance raise) on in-line sales, and WMGI reiterated its full-year rev. outlook (at the midpoint of narrowed guidance). Moreover, a final metal-on-metal (MoM) litigation settlement was reached--in-line with the range mgmt had previously disclosed in 2Q--which should help remove a stock overhang. We reiterate our OP rating with a view that: (1) WMGI/TRNX remains an attractive mid-cap growth extremities/ biologics asset with broad reach across three of the fastest-growing ortho markets (shoulder, foot & ankle, biologics) with ramping/inflecting EBITDA margin; (2) upper/lower extremities end-market growth remains healthy & WMGI's share gain prospects within them is strong. Our PT goes to $25 (vs. $27) based on recent multiple compression for the group."
Shares of Wright Medical closed at $20.78 yesterday.
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