As previously reported, BofA analyst Travis Steed upgraded Zimmer Biomet to Neutral from Underperform with a price target of $160, up from $120, to account for continued earnings upside. The stock has been trading at a premium for markets that are "structurally low-single digits," which is why the firm previously maintained its Underperform rating, but BofA sees "no more fighting the EPS upside" as it argues that it is hard to see the stock underperforming its group "when EPS keeps moving higher" and it views that trend of upside as likely to continue.
Published first on TheFly
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