Integra LifeSciences (IART) PT Lowered to $25 at Truist Securities

Truist Securities analyst Richard Newitter lowered the price target on Integra LifeSciences (NASDAQ: IART) to $25.00 (from $37.00) while maintaining a Hold rating.

The analyst commented: "Our PT goes to $25 (from $37) based on a ~8.1x multiple on our 2025E EBITDA. This would represent a ~3x discount to where the company's comp group trades on '25E EBITDA and compares to the ~4x discount that IART trades at on our '24E EBITDA. A ~8.1x multiple would also be roughly in-line with where the company trades on our '24E EBITDA. We think a discount is justified given the accumulating execution errors on the part of the company as well as peers' faster rev/EPS growth prospects, and we think multiple expansion from current levels could be limited over the near-to-intermediate term. Our PT moves lower primarily to reflect our lower '25 ests., while also reflecting a slightly lower comp group valuation since our last update."

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