Teleflex (TFX) PT Lowered to $425 at Needham & Company

Needham & Company analyst Mike Matson lowered the price target on Teleflex (NYSE: TFX) to $425.00 (from $486.00) while maintaining a Buy rating.

The analyst commented, "TFX's 3Q21 revenue and EPS beat consensus. Management lowered its 2021 revenue guidance slightly due to a greater impact from COVID but raised its EPS guidance. Organic growth slowed to 10.3% in 3Q21 from 18.3% in 2Q21 as TFX lapped the procedural recovery in 3Q20 and COVID hurt elective procedures in 3Q21. Gross margin was up 230 bps Y/Y and operating margin was up 340 bps Y/Y. UroLift sales grew 1.5% Y/Y and but declined 9.9% sequentially; given the magnitude of this impact, management lowered its 2021 UroLift growth guidance. We continue to have confidence in the durability of TFX's core business, its key growth drivers, and its ability to drive above-peer margin improvement, and we reiterate our Buy rating though we have lowered our price target to $425 from $486 given our lower estimates and slower UroLift growth."

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