CONMED (CNMD) PT Raised to $87 at Needham & Company

Needham & Company analyst Mike Matson raised the price target on CONMED (NASDAQ: CNMD) to $87.00 (from $79.00) while maintaining a Buy rating following the company's acquisition of Buffalo Filter on 2/11/19. Given this, Matson added Buffalo Filter to Needham & Company's model and increased revenue and EPS estimates.

CNMD expects Buffalo Filter to add 50 bps to organic revenue in 2019, which Matson views as conservative given CNMD’s established international sales organization and Buffalo Filter’s limited OUS presence. Management also expects Buffalo Filter to add 100 bps, 50 bps, and 50 bps to CNMD's operating margin in 2019, 2020, and 2021, respectively.

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