Globus Medical, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Caitlin Cronin from Canaccord Genuity maintained a Buy rating on the stock and has a $90.00 price target.
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Caitlin Cronin’s rating is based on several positive indicators for Globus Medical. The company reported a strong third quarter, with an impressive 22.9% growth in revenue, surpassing expectations. Key areas such as US Spine and Trauma showed significant growth, and the recent acquisition of Nevro contributed positively to the company’s bottom line, with expectations for it to be accretive sooner than initially anticipated.
Despite challenges in the Enabling Tech segment, which saw a decline, the overall momentum in other business areas is expected to offset these issues. The company’s consistent execution, including new product launches and competitive recruiting efforts, has bolstered its performance. The raised guidance for 2025 and the operational excellence demonstrated by the GMED team further support the Buy rating, reflecting confidence in the company’s future growth prospects.
According to TipRanks, Cronin is a 3-star analyst with an average return of 6.5% and a 51.35% success rate. Cronin covers the Healthcare sector, focusing on stocks such as Enovis, Zimmer Biomet Holdings, and AxoGen.
In another report released today, Truist Financial also upgraded the stock to a Buy with a $93.00 price target.