Needham lowered the firm’s price target on Conmed to $119 from $140 but keeps a Buy rating on the shares. The company’s organic revenue growth slowed to 11.5% in Q3 from 12.6% in Q2, even though there were two fewer selling days vs. Q3, the analyst tells investors in a research note. Conmed’s allograft tissue supplier experienced a supply disruption in a sterile processing reagent during Q3, and the management expects this to carry into Q4 and to weigh on its gross margin, the firm added.
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