Piper Sandler Reiterates Overweight Rating on Zimmer Biomet (ZBH)

Piper Sandler analyst Matthew O\'Brien reiterated an Overweight rating and $140.00 price target on Zimmer Biomet (NYSE: ZBH).

The analyst commented, "On Wednesday, ZBH held their first investor day where management provided an LRP from 2024 to 2027 (calling for MSD growth on the topline and 1.5x that on the bottom line), hosted a KOL panel which focused on many new technologies the company is bringing to market and outlined organic and inorganic strategy that ZBH will use to increase its WAMGR to 5%. We believe many of the recent and upcoming product launches are being discounted (especially HAMMR on the hip side of things, ROSA Shoulder and PIQ) and the company is more aggressively pushing into the ASC space (which we view as a solid move). With price erosion expected to be less of a headwind in the future, we believe shares of ZBH are well positioned to benefit from the elevated procedure landscape in large joints."

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 $114.44 yesterday.

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