Conmed price target lowered to $100 from $130 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on Conmed to $100 from $130 and keeps an Overweight rating on the shares after the company reported Q4 results that missed on the top and bottom lines primarily due to supply disruption that impacted its orthopedic franchise. The update is “disappointing” but Piper believes where the stock will start trading on Thursday will more than reflect this. Further, the firm thinks patient investors should use weakness to start or build positions in the name.