Alphatec price target lowered to $16 from $20 at Needham

Needham analyst David Saxon lowered the firm’s price target on Alphatec to $16 from $20 but keeps a Buy rating on the shares. The company’s Q3 revenue was in line with its preannouncement, while its adjusted EBITDA beat consensus as procedure volumes grew 24% along with a 6% increase in average revenue per case, the analyst tells investors in a research note. The underlying momentum at Alphatec remains strong however, and the company is well capitalized to take advantage of market disruption, the firm added.