Josh Jennings, an analyst from TD Cowen, maintained the Hold rating on Zimmer Biomet Holdings. The associated price target was lowered to $99.00.
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Josh Jennings has given his Hold rating due to a combination of factors influencing Zimmer Biomet Holdings’ financial performance. The company’s Q3 sales performance was mixed, with total revenue nearly aligning with market expectations. While there was notable growth in the U.S. market, this was counterbalanced by weaker performance in Latin America, Eastern Europe, and non-core business segments, which impacted the overall growth rate.
Despite the company achieving better-than-expected margins and an EPS that surpassed estimates, the narrowing of full-year guidance for organic sales growth indicates potential challenges ahead. The mixed results across different product divisions, such as the Knee and Hip franchises, further contributed to the cautious outlook. These elements combined to support the decision to maintain a Hold rating, reflecting a balanced view of the company’s current strengths and potential risks.
In another report released on October 21, Canaccord Genuity also reiterated a Hold rating on the stock with a $101.00 price target.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ZBH in relation to earlier this year.