Conmed price target lowered to $110 from $120 at Stifel

Stifel lowered the firm’s price target on Conmed to $110 from $120 and keeps a Buy rating on the shares. The company’s Q4 earnings and initial 2024 guidance were “more complicated” than the firm anticipated, the analyst tells investors. On the surface, the company reported an “excellent” quarter, with 31.5% sales growth year-over-year, but sales were below the firm’s consensus, which was largely due to several operational issues, the firm says. Overall, Stifel thinks that despite Conmed’s slow start to the year, the company’s fundamentals are largely intact, and growth will accelerate as 2024 unfolds.