Leerink Partners Cuts Price Target on Wright Medical Group (WMGI) Following 3Q
- 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 instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- FBR Capital Raises Price Target on Methode Electronics (MEI) Following Better Than Expected 2Q
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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!