Globus Medical (GMED) PT Lowered to $57 at Needham & Company

Needham & Company analyst Mike Matson lowered the price target on Globus Medical (NYSE: GMED) to $57.00 (from $65.00) while maintaining a Buy rating.

Matson commented, "As part of Needham's Bull-Bear Series, in this note we lay out the bull and bear case for GMED. We think that debate around GMED centers on its spinal robotics system, entry into the trauma market, spinal implant growth outlook, margins, and valuation. We are in the bull camp and detail our thesis below. In addition, we have adjusted our estimates to reflect GMED's 4Q18 preannouncement and initial 2019 guidance. And we have lowered our price target to $57 from $65 given peer P/E multiple compression."

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