Alphatec price target raised to $18 from $16 at Needham

Needham analyst David Saxon raised the firm’s price target on Alphatec to $18 from $16 and keeps a Buy rating on the shares. 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, the firm added.