Alphatec added to Needham’s Conviction List, named 2024 Top Pick

Needham raised the firm’s price target on Alphatec to $18 from $16 and keeps a Buy rating on the shares. The firm is also adding the stock to its 2024 Conviction List and names the company as its Top Pick for 2024. Market growth across the MedTech sector is expected to return to normal pre-COVID levels in 2024, and the firm believes that shares of companies that can show consistent above-market growth will outperform, the analyst tells investors in a research note. Alphatec should see mid-single-digit upside to consensus from underlying strength, with contributions from competitive hires driving above-high-single-digit contribution, Needham added.