UPDATE: Stifel Starts SeaSpine Holdings (SPNE) at Buy

(updating comment)

Stifel analyst Mathew Blackman initiates coverage on SeaSpine Holdings (NASDAQ: SPNE) with a Buy rating and a price target of $22.00.

The analyst comments "After several years of uneven performance post the 2015 spin-out from IART, SeaSpine is now demonstrating what we believe to be sustainable growth momentum. We’ve identified multiple potential SeaSpine growth vectors that should support continued, above-market growth: (1) a differentiated portfolio with a balance of unique orthobiologics and complementary implants; (2) an innovation engine which has and will continue to drive an impressive new-product cadence, attracting new surgeons and increasing existing customer penetration; and (3) ongoing sales channel optimization and US footprint expansion/upgrade opportunities that should lift productivity higher. We project a 12% revenue CAGR through 2023 and see opportunities for upside. And, with increasing scale and leverage in the implant business, combined with an already profitable orthobiologics franchise, EBITDA breakeven should materialize in 3-4 years."

For an analyst ratings summary and ratings history on SeaSpine Holdings click here. For more ratings news on SeaSpine Holdings click here.

Shares of SeaSpine Holdings closed at $15.40 yesterday.

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