Piper Sandler Downgrades Teleflex (TFX) to Neutral

Piper Sandler analyst Matt O\'Brien downgraded Teleflex (NYSE: TFX) from Overweight to Neutral with a price target of $140.00 (from $255.00).

The analyst comments: "This morning, TFX reported mixed Q4 results that missed on the top-line and beat on the bottom-line. Management delivered several important updates today including the retirement of its CFO, acquisition of Biotronik's vascular intervention business, and its plan to spinoff some of its business units to shareholders as a new publicly traded company. While we appreciate the focused nature of the portfolio management move, RemainCo will need to accelerate Biotronik's growth and invest internally in R&D which has historically not been a core competency. Several other questions remain too including the capital structure and NewCo management. Simply put, spinoffs are rarely beneficial for the stock during this period of disruption and we simply see too many unknowns to stay constructive now. We are downgrading to Neutral and lower our PT to $140."

For an analyst ratings summary and ratings history on Teleflex click here. For more ratings news on Teleflex click here.

Shares of Teleflex closed at $139.11 yesterday.

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