Needham & Company Upgrades Wright Medical (WMGI) to Buy

Needham & Company analyst Mike Matson upgraded Wright Medical (NASDAQ: WMGI) from Hold to Buy with a price target of $30.00.

The analyst comments "WMGI expects Cartiva's 2018 and 2019 revenue to be $35M (up 50%) and $47M, respectively, and expects Cartiva to add 100 bps to both its 2019 revenue growth and its 2019 adjusted EBITDA margin assuming the deal closes by year-end. And given strong 3Q18 performance to-date, WMGI raised its 2018 revenue guidance. We believe that WMGI shares have declined due mainly to expected dilution from the announced equity offering and view the pullback as a buying opportunity..."

For an analyst ratings summary and ratings history on Wright Medical click here. For more ratings news on Wright Medical click here.

Shares of Wright Medical closed at $25.16 yesterday.

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