Needham analyst David Saxon has maintained their neutral stance on GMED stock, giving a Hold rating on October 28.
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David Saxon has given his Hold rating due to a combination of factors impacting Globus Medical’s performance. The company’s recent quarterly results showed a positive trend, with both revenue and earnings per share surpassing expectations, and management has subsequently raised its financial guidance. Additionally, the US Spine segment has shown accelerated growth, and the trauma portfolio is approaching a critical mass, positioning the company to compete effectively in high-volume trauma centers.
However, despite these positive developments, there are concerns that have led to the Hold rating. The E-GPS pipeline, while robust, is experiencing a shift from outright purchases to leasing, which has affected revenue generation. Although the quarter’s results are promising, these factors suggest a cautious approach, justifying the Hold rating at this time.
In another report released on October 28, Stifel Nicolaus also initiated coverage with a Hold rating on the stock with a $64.00 price target.