Zimmer Biomet (ZBH) PT Lowered to $128 at Truist Securities

Truist Securities analyst Kaila Krum lowered the price target on Zimmer Biomet (NYSE: ZBH) to $128.00 (from $145.00) while maintaining a Buy rating following results.

The analyst commented, "We remain Buy rated following a noisy 4Q/'22 guide, which disappointed on a more sanguine COVID view. Shares remain highly correlated to COVID dynamics, but we think '22 guidance reflects conservatism (no 2H recovery) and any COVID improvement represents upside to a de-risked, albeit lower outlook. COVID aside, we expect U.S. knees/hips can continue growing at or above market rates and that the current steep valuation discount will narrow as normalized MSD/HSD+ rev/EPS growth prospects become clearer. Our PT goes to $128 (vs. $145) based on 18x our now lower (spin-off adj./RemainCo) '23E EPS."

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