Globus Medical (GMED) PT Raised to $100 at Piper Sandler

Piper Sandler analyst Matt O\'Brien raised the price target on Globus Medical (NYSE: GMED) to $100.00 (from $80.00) while maintaining a Overweight rating.

The analyst commented, "This evening, GMED announced Q3 results which again solidly beat on the top and bottom lines. The company raised FY guidance, albeit by less than the beat, though management noted clear conservatism with this move. GMED is seeing improving momentum across the business, with the strongest robot placement performance in the history of the company. While management was unwilling to revise up the $170M deal synergy number, they did note the synergies are coming quicker than expected and their adjusted EBITDA margin (and cash flow) is improving as a result. Further, management reiterated their belief that GMED is a durable high single-digit grower (aided by new product introductions, cross-selling and entry into the large joint space), which would be strong performance for the combined entity. We believe there is a lot to like in the name and continue to rate the stock OW with a revised $100 PT."

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