Zimmer Biomet (ZBH) PT Lowered to $175 at Jefferies
Jefferies analyst Raj Denhoy lowered the price target on Zimmer Biomet (NYSE: ZBH) to $175.00 (from $200.00) while maintaining a Buy rating.
The analyst commented, "Key 2Q post call details: 1) Delta/Staffing impacts are expected to persist into 4Q at heightened level, 2) China VBP tender headwinds of ~300bps/~100bps are now expected in 4Q/2020, 3) co expects to capture #1 slot fo Rosa in APAC/EMEA NT based on current trends, 5) 20+ key product launches in pipeline for 2022-2023. Despite the heightened uncertainty from COVID/Staffing into 4Q/YE, key LT growth drivers (Rosa + pipeline)
remain intact, keeping us at Buy."