Leerink Partners reiterated an Outperform rating on CONMED (NASDAQ: CNMD), and cut the price target to $53.00 (from $60.00), following the company's 3Q15 earnings results. 3Q revenues of $169M were below consensus' $173M estimate. EPS of $0.38 was below $0.44 estimate.

Analyst Richard Newitter commented, "We expect CNMD shares to trade down following a disappointing 3Q which saw sales/EPS below consensus and guidance reduced. We do believe investors were already braced for a soft 3Q; nevertheless CNMD will be put in the penalty box. The good news is that expectations now reset for '15 to what we view is a very achievable level. We continue to take the long view with an understanding that turnarounds are not linear. Improved execution will be key, but ultimately we think the positive changes being put in place by management should yield more meaningful top-line acceleration and operating leverage over time. Reiterate OP, PT goes to $53 (vs. $60) on lower estimate."

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

Shares of CONMED closed at $48.74 yesterday.