UPDATE: Wells Fargo Upgrades SeaSpine Holdings (SPNE) to Overweight, 7D Surgical Checks Indicate LT Sustainable Growth
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Wells Fargo analyst Jennifer Fritzche upgraded SeaSpine Holdings (NASDAQ: SPNE) from Equal Weight to Overweight with a price target of $24.00 (up from $19.00) following the company’s revised 2021 outlook (issued 4/5) and positive industry checks on 7D Surgical that indicates the company can drive sustainable growth long-term.
The analyst stated "First, we believe the acquisition of the 7D navigation platform marks a shift in the company’s strategy and demonstrates greater commitment towards procedural integration and enabling technologies versus what we’ve seen in the past. This shift is critical, in our view, as it will allow the company to differentiate its platform from other smaller spine players as the market is highly commoditized. Second, our proprietary checks on 7D have been positive (and included in the note) that should help drive pull through and position SPNE to deliver sustainable,above-market growth."
Shares of SeaSpine Holdings closed at $20.35 yesterday.
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