Leerink Partners reiterated an Outperform rating on CONMED (NASDAQ: CNMD), and cut the price target to $50.00 (from $51.00), following the company's 4Q report. Results were marked by solid growth acceleration in ortho and in Leerink's view, the Surgiquest acquisition should be an important catalyst for the company's still struggling general surgery division.

Analyst Richard Newitter commented, "CNMD's 4Q was reflective of the company's evolving turnaround. Results were marked by solid growth acceleration in ortho and in our view the Surgiquest acquisition should be an important catalyst for the company's still struggling general surgery division. Guidance contains a lot of moving parts in light of Surgiquest and recent currency moves (a headwind) but when all is said and done we expect consensus to rebase higher. 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 $50 (vs. $51) based on a slightly lower multiple."

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Shares of CONMED closed at $38.58 yesterday.