Zimmer Biomet (ZBH) PT Lowered to $155 at Needham & Company as They See Conservative Guidance

Needham & Company analyst Mike Matson lowered the price target on Zimmer Biomet (NYSE: ZBH) to $155.00 (from $158.00) while maintaining a Buy rating as they expect conservative 2022 guidance following management comments at a recent investor conference.

The analyst commented, "Based on management comments at a recent investor conference, we expect ZBH to issue very conservative 2022 guidance. As a result, we are lowering our estimates to reflect this but see potential for upside driven by easing of the pandemic and new products including Persona IQ. We believe that Persona IQ is an important new product since it is the first recon product in a long time, where ZBH has beaten its competitors to market with a new technology rather than simply playing catch-up. With management poised to "kitchen-sink" guidance, potential for the pandemic to ease, and the launches of a number of new products including Persona IQ, we believe that ZBH could see a repeated "beat-and-raise" cycle during 2022. We have lowered our price target to $155 from $158 due to our lower 2023E revenue estimate."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Honasa Consumer Ltd (HONASA:IN) PT Raised to INR720 at ICICI Securities
• Sansera Engineering Ltd (SANSERA:IN) PT Raised to INR4,250 at ICICI Securities