UPDATE: Needham & Company Downgrades Zimmer Biomet (ZBH) to Buy

Needham & Company analyst Mike Matson downgraded Zimmer Biomet (NYSE: ZBH) from Strong Buy to Buy with a price target of $158.00 (from $175.00).

The analyst comments "Given the potential for additional COVID waves driven by new variants (such as Omicron) and hospital staffing challenges to weigh on elective procedure volumes, ZBH is no longer our top pick. We believe that ZBH has executed well despite the pandemic, and we continue to believe in management's strategy and its turnaround. But the pandemic has extended the timeframe of ZBH's turnaround more than we had expected, and as a result we are downgrading ZBH shares to Buy from Strong Buy and lowering our price target to $158 from $175."

For an analyst ratings summary and ratings history on Zimmer Biomet click here. For more ratings news on Zimmer Biomet click here.

Shares of Zimmer Biomet closed at $128.96 yesterday.

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